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B&O CEO says European market worse in past six months

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(Globalpost/GlobalPost)

COPENHAGEN (Reuters) - Danish luxury stereo and television maker Bang & Olufsen <BO.CO> on Friday said the market in crisis-hit Europe had been worse than expected in the past six months, after the group earlier cut its full-year outlook.

"There is something in the market which, particularly in the last six months, has gone a lot worse," Chief Executive Tue Mantoni told Reuters.

"We are talking primarily in Europe and in the market in which we operate, television, electronics and luxury products," Mantoni said.

He said the group kept its long term outlook for revenue in a range of 8 billion to 10 billion Danish crowns in 2017 unchanged.

(Reporting by Mette Fraende; Editing by Helen Massy-Beresford)

http://www.globalpost.com/dispatch/news/thomson-reuters/130322/bo-ceo-says-european-market-worse-past-six-months