European shoppers shift away from Bang & Olufsen

Danish tech company Bang & Olufsen recorded a decline in sales for the second quarter in a row, with a revenue drop to 614 million Danish kroner, down by 21 million year-on-year. The downturn is largely due to negative trends in Europe. CEO Kristian Teär mentioned an unexpected lack of macroeconomic improvement affecting sales in Europe and China. The company revised its annual forecast from a 0-9% growth to a 5-8% decrease. Despite these setbacks, Bang & Olufsen has managed to turn a previous 152 million kroner loss into an 18 million kroner profit, driven by a strategic focus on higher profit margins through luxury positioning and quality enhancements.