Bic downgrades its annual forecasts

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The French group now expects a change in its annual turnover on a comparable basis of between 0% and 2.0%, compared to the slight growth initially forecast.
The normalized operating margin for 2019 is expected to be in the low end of the original range of 16.5% to 18%.
Bic said its operating margin in the third quarter should be 18% and that of the first nine months of 2019 16.6%. Q3 sales are expected to fall by -0.5% and the first 9 months of -1.2%, on a comparable basis, the group adds.
It highlights the disruptions in the US lighter market, down 8.5% in volume and 6.0% in value compared to the same period last year.
Bic also mentions the weak sales performance in the United States and Mexico during the new school year and a slower than expected recovery in India.
The French manufacturer of stationery, lighters and razors adds in a statement that it will publish its results for the third quarter and the first nine months of the year on October 23 before the opening of markets.

(Bertrand Boucey and Henri-Pierre André, edited by Jean-Michel Bélot)



Source link
https://www.usinenouvelle.com/article/bic-revise-a-la-baisse-ses-previsions-annuelles.N893669

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