GlobeNewswire by notified

Interim report for Q2 2022/23: Bang & Olufsen delivered 6% growth and a positive EBIT despite macroeconomic headwinds


In a quarter characterised by macroeconomic headwinds, Bang & Olufsen grew revenue by 6% (2% in local currencies). Growth was driven by product sales in EMEA and the Americas in combination with a strong performance in Brand Partnering. Especially, the launch of the company’s latest soundbar, Beosound Theatre, had a positive impact on product sales. However, due to the economic climate, the company’s retail partners remained cautious about replenishing their inventories.

Second quarter gross profit was up by 6.4%, and gross margin was in line with last year. As a result, the company achieved a positive EBIT margin before special items of 1.6% (Q2 21/22: 3.5%). Free cash flow was DKK 1m (Q2 21/22: DKK 11m), driven by cash flow from operating activities offset by investments.

CEO Kristian Teär comments:

“We achieved 6% growth in the second quarter – despite the macroeconomic headwinds. Our Americas region delivered a record quarter in terms of revenue, and we had strong product sales in EMEA and a very positive performance in our Brand Partnering business. Our APAC region was, however, significantly impacted by Covid-related lockdowns in China. Our latest soundbar, Beosound Theatre, was well received by customers and reviewers, and we also saw growth in our category for headphones and smaller portable speakers. The results reflect the resilience of our diverse business model and the breadth of our portfolio. I am proud to see how colleagues and partners continued to execute our strategy and create magical experiences for our customers. We maintain our outlook, but due to macroeconomic development, we now expect the results to be at the lower end of our range.”

“We continued to see solid progress on our strategic initiatives. In the first half of the year, we grew our customer base by 13%, and the number of customers owning two or more products increased by 12%. This is a result of our improved brand and marketing efforts and the strong ecosystem products we have built over the past couple of years. We also saw good progress with our Win City Concept in Q2. London delivered healthy growth, and the expansion to the next cities, New York and Paris, is well underway.”

“Our turnaround is progressing well, and to ensure that we stay on track and are prepared for the future, we are sharpening our direction. That means cementing our position within luxury, enhancing our focus on circularity and creating timeless products, and leveraging technology to offer our customers more spatial and personalised sound. We believe it will enable us to differentiate ourselves further, help us prioritise our investments, and support our growth ambitions even in a challenging macroeconomic environment.”

Financial highlights, Q2 2022/23

  • Revenue grew 6% (2% in local currencies), driven by product sales and a positive performance in Brand Partnering. The growth in product sales was driven by EMEA and Americas and supported by the launch of Beosound Theatre. In contrast, retail partners, especially in the EMEA region, remained cautious about inventory replenishment. In addition, the company’s exit from Russia and Belarus in February 2022 had a 1.4pp negative impact on growth.
  • Sell-out declined by 3%, driven by EMEA and Asia, whereas the Americas continued to grow. Across regions, the On-the-go category showed solid growth.
  • Gross profit grew 6.4%, and gross margin was 44.4%, which was in line with Q2 of last year and 7.8pp higher than Q1. Gross margins on the Staged and Flexible Living categories grew, partly offset by the On-the-go category, which was adversely impacted by reductions of On-the-go inventory. Furthermore, currency movements impacted the margin negatively.
  • EBIT was DKK 13m (Q2 21/22: DKK 27m), corresponding to an EBIT margin of 1.5% (Q2 21/22: 3.4%). Special items amounted to DKK 1m, and the EBIT margin before special items was 1.6% (Q2 21/22: 3.5%).
  • The result for the period was a profit of DKK 3m (Q2 21/22: profit of DKK 10m).
  • Free cash flow was DKK 1m (Q2 21/22: DKK 11m), driven by a positive cash flow from operating activities.
  • Available liquidity was DKK 187m (Q1 22/23: DKK 206m).

Progress on strategic initiatives

  • In Q2, the company had different activations to showcase Bang & Olufsen’s ability for personalisation. Under the headline “Art of A9” the company celebrated Beoplay A9’s tenth anniversary with a series of designs by leading artists working across art, design and music to customise the canvas cover.
  • The company participated in an event during the Art Basel fair in Miami, where bespoke products created for very high net worth individuals were revealed. A select range of products was plated in gold, and more than 200 special guests attended the event.
  • In Q2, Beosound Emerge was relaunched. The company stopped producing this in the last financial year due to component scarcity. The company also launched Beocom Portal, a dedicated headphone designed for hybrid work. Beocom Portal is Bang & Olufsen’s first headphone certified to work with Zoom, and the company is working on more certifications in the future.
  • Bang & Olufsen Radio was launched on the company’s legacy platform, further improving the product ecosystem.
  • The company continued to implement the Win City strategy, which now includes Paris and New York. In London, the company continued to deliver healthy growth, and in 2023 a new flagship store will be opened. In addition, the company has completed market segmentation in Paris and New York to identify where the target customers are and how to approach them.
  • In the first half of the year, the number of customers with products registered in the Bang & Olufsen app increased by 13%. In addition to expanding the customer base, the company also increased the number of customers who own two or more products by 12%.

Outlook 2022/23
Bang & Olufsen maintain the outlook for the financial year 2022/23. However, the company now expect revenue growth, EBIT margin before special items and free cash flow to be at the lower end of the range. The outlook is as follows:

  • Revenue growth (in local currencies):
-4% to 5%

  • EBIT margin before special items:
-2% to 3%
  • Free cash flow (DKKm):
-50 to 100

The outlook for 2022/23 is subject to unusually high uncertainty related to consumer confidence due to high inflation, rising interest rates and the war in Ukraine, which, in combination, have increased the risk of recession.

Conference call for analysts and investors
The company will host a webcast on 11 January 2023 at 10:00 CET, where the financial development for Q2 2022/23 will be presented.

The webcast can be accessed at

Dial-in details for participants in the Q&A:
DK: +45 7876 8490
UK: +44 203 769 6819
US: +1 646 787 0157
PIN: 193621

For further information, please contact:

Martin Raasch Egenhardt
Investor Relations
Phone: +45 5370 7439

Jens Bjørnkjær Gamborg
Global Sustainability and Communication
Phone: +45 2496 9371


To view this piece of content from, please give your consent at the top of this page.
To view this piece of content from, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire by notified

Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire by notified

GN Store Nord announces intention to initiate a rights issue8.2.2023 20:08:16 CET | Press release

NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, JAPAN OR ANY OTHER JURISDICTION WHERE THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL This announcement does not constitute an offering memorandum or a prospectus as defined by Regulation (EU) No. 2017/1129 of 14 June 2017. The offer to acquire securities pursuant to the offering is made, and any investor should make their investment decision, solely on the basis of information that is contained in the prospectus to be made generally available in Denmark in connection with the offering. GN Store Nord announces intention to initiate a rights issue In accordance with our announcement on November 11, 2022, GN has conducted a comprehensive review of the appropriate capital structure. In light of the current macroeconomic environment and GN’s leverage, GN announces today that it intends to raise gross proceeds of DKK 7 billion in the first half

Nokia Corporation: Repurchase of own shares on 08.02.20238.2.2023 20:00:00 CET | Press release

Nokia Corporation Stock Exchange Release 8 February 2023 at 21:00 EET Nokia Corporation: Repurchase of own shares on 08.02.2023 Espoo, Finland – On 8 February 2023 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows: Trading venue (MIC Code)Number of sharesWeighted average price / share, EUR*XHEL282,2294.39CEUX20,3804.39AQEU6,3784.39TQEX5,0134.38Total314,0004.39 * Rounded to two decimals On 3 February 2022, Nokia announced that its Board of Directors is initiating a share buyback program under the authorization granted by Nokia’s Annual General Meeting on 8 April 2021 to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The second phase of the share buyback program in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 5 April 2022 started on 2 January 2023

Interim report 2022/23 - 15% revenue growth and DKK 145 million operating profit (+25%) for the first half following a challenging second quarter8.2.2023 18:57:07 CET | Press release

ANNOUNCEMENT NO. 234 9 February 2023 Interim report for the first half of 2022/23 15% revenue growth and DKK 145 million operating profit (+25%) for the first half following a challenging second quarter Steen Søndergaard, CEO: “Following a very satisfactory 2021/22 with historically high revenue and operating profit growth rates, revenue for the first half of 2022/23 unfortunately disappointed, despite 15% growth. Second quarter sales of instruments, particularly in the North American market, were challenged by a generally more subdued investment sentiment in our primary business segment, cell-based therapy. Our order intake was mainly impacted by weakened demand from capital-sensitive development companies. On the other hand, we saw continued satisfactory growth in sales of consumables and services. Despite the unfavourable market conditions, our earnings continued to grow. While our market is currently affected by the prevailing macroeconomic environment, we have a strong underlying

1. halvår 2022/23 - Et udfordrende andet kvartal resulterede i en omsætningsvækst i 1. halvår på 15% og et driftsresultat på DKK 145 mio. (+25%)8.2.2023 18:57:07 CET | pressemeddelelse

MEDDELELSE NR. 234 9. februar 2023 Delårsrapport for 1. halvår 2022/23 Et udfordrende andet kvartal resulterede i en omsætningsvækst i 1. halvår på 15% og et driftsresultat på DKK 145 mio. (+25%) Steen Søndergaard, CEO: ”Efter et særdeles tilfredsstillende 2021/22 med historisk høje vækstrater i både omsætning og driftsresultat har omsætningen i første halvår 2022/23 trods en vækst på 15% desværre ikke levet op til vores forventninger. Særligt salget af instrumenter på det nordamerikanske marked hari andet kvartalværet udfordret som følge af et generelt mere afdæmpet investeringsklima inden for vores vigtigste forretningsområde, cellebaseret terapi. Det er især faldende efterspørgsel fra kapitalfølsomme udviklingsvirksomheder, der har haft en negativ effekt på vores ordretilgang. Derimod har vi set en fortsat tilfredsstillende vækst i salget af forbrugsvarer og serviceydelser. På trods af de ugunstige markedsforhold har vi opnået en fortsat positiv udvikling i indtjeningen. Selvom vore

REPURCHASE OF SHARES8.2.2023 18:45:00 CET | Press release

REPURCHASE OF SHARES Amsterdam, the Netherlands - Flow Traders Ltd. (“Flow Traders”) (Euronext: FLOW) has repurchased21,901of its own shares in the period from 2February 2023 up to and including8February 2023 at an average price of €23.56. This is in accordance with the share buyback program originally announced on 22 July 2022 and subsequently increased as per the announcement made on 27 October 2022. The consideration of this purchase was €0.5 million. The total number of shares purchased under this program to date is 1,159,791 shares at an average price of €21.33 for a total consideration of €24.7 million. 3,513,011 shares were held in treasury as at 8 February 2023. Contact Details Flow Traders Ltd. Jonathan Berger / Investor Relations Officer Phone: +31 20 7996149 Email: About Flow Traders Flow Traders is a leading global financial technology-enabled liquidity provider in financial products, historically specialized in Exchange Traded Products (E