Bang & Olufsen Shares Plunge as Turnaround Effort Sputters
- Chief Executive Clausen sees ‘great deal of work ahead of us’
- Consumers have scoffed at paying sky-high prices for TVs
Bang & Olufsen Beoplay H9i headphones.
Photographer: Krisztian Bocsi/BloombergThis article is for subscribers only.
Bang & Olufsen A/S, the beleaguered Danish maker of luxury electronics, is slipping into an even deeper slump. The stock plunged as much as 22% on Tuesday after sales disappointed.
Revenue tumbled as much as 14% in the fiscal year ended May 31, worse than the 10% Bang & Olufsen had predicted, the company said in a statement. The shares dropped to the lowest level in more than four years in Copenhagen trading.