Q4 2019 Bang & Olufsen A/S Earnings Call Transcript
Ladies and gentlemen, welcome to the Bang & Olufsen Annual Report 2018/'19. (Operator Instructions) Today, I am pleased to present CEO, Henrik Clausen. Speakers, please begin.
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Good morning, everyone, and thank you for joining the call today. With me here, I have our CFO, Nikolaj Wendelboe; and our Head of Brand & Markets, John Mollanger. I will start off by going through the highlights and regional developments and then Nikolaj will take you through the financials. I will then finish with our key strategic priorities for '19/'20 and outlook, and we will thereafter open the line for questions.
So please move to Slide 4. Financially, '18/'19 was a disappointing year. Revenue declined by 13.6%. The key drivers of decline was the adverse impact from slower-than-expected transition of the sales and distribution network as well as fewer product launches compared to last year.
The group gross margin
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