Bang & Olufsen reports fourth quarterly loss in a row

COPENHAGEN (Reuters) - Struggling Danish TV and stereo maker Bang & Olufsen <BO.CO> reported an operating loss for the fourth quarter in a row on Thursday and said it expected sales to be hit by the fallout from the coronavirus outbreak.

The company said sales fell 14% to 630 million crowns in the three months through February from 710 million a year earlier, leading to a loss in earnings before tax and interest (EBIT) of 1 million Danish crowns (118,299.69 pounds).

Bang & Olufsen, which has given five profit warnings in just over a year, said its third-quarter results were in line with its expectations.

"We do, however, see COVID-19 impacting most of our major markets in the coming quarter. Countries are impacted differently and the sales situation is still very uncertain," Chief Executive Kristian Tear said in a statement.

B&O, whose exclusive speakers can cast up to $80,000, has struggled to make progress on plans to shift from wholesale distribution to a more retail-focused model while keeping its edge as a luxury brand.

In a strategy update on Thursday, B&O said it would boost its online presence and digital sales to make up for store closures due to the pandemic and confirmed a cost cutting programme announced in March to save 175 million crowns a year.

Shares in B&O, which have fallen about 62% over the past year, were up 0.6% at 0800 GMT.

(Reporting by Andreas Mortensen; editing by Jason Neely)