Bang & Olufsen who tries to sell flat panel TV’s for over $30,000 and a music management system for over $9,000 is set to report a $95M loss on sales of $695M.
The Company who primarily sell via their own corporate stores has slashed its outlook for the year as consumer turn off their high priced gadgets and music systems.
The group, the latest in a series of luxury goods makers to fall victim to the current financial crisis has warned of a full-year pre tax loss of $126M
The group has blamed “uncertain global market developments and declining incoming orders” for its problems.
Last year B&O abruptly dismissed its chief executive, Torben Ballegaard Sorensen, a day after reporting a 37 per cent fall in first-half pretax profits.
His removal surprised analysts because, despite the disappointing figures, he had delivered rising sales for three years.
