|February 28, 2020||0|
Global stationery manufacturer BIC releases its Q4 and FY results.
Results were generally resilient and performance was good in its biggest markets. Although full-year sales at Stationery fell about 3.4% on a comparable basis to €774.4 million, sales in Revenue in the Middle East and Africa region grew in the double digits. Europe’s figures were also up.
Growth in the Middle East was due to the establishment of its own subsidiary in Kenya. In Latin America, on the other hand, sales fell by around 10%.
Cello Pens’ domestic sales in 2019 fell in the double digits in what BIC described as “a challenging marketing environment”. It was exacerbated by high inventory levels in some channels and its own portfolio streamlining actions.
The supplier said the 190 basis-point decline in 2019 adjusted operating margin to 6.2% was due to higher raw material costs and unfavourable exchange rates.