Q1 2020 Bang & Olufsen A/S Earnings Call Transcript
Welcome to the Bang & Olufsen interim report for the first quarter 2019/2020. (Operator Instructions)
I'll now hand the floor to CEO, Henrik Clausen. Please begin.
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Thank you very much, and good morning, everyone, and thank you for joining me in the call today. With me, I have our CFO, Nikolaj Wendelboe; and our Head of Brand & Markets, John Mollanger.
I'll start by going through the highlights of the quarter and the main drivers of development for the coming period, and then Nikolaj will take us through the financials. I will then finish by going through our outlook for '19/'20 before opening for questions. Let's move to Slide 4.
As expected, Q1 was financially a tough quarter. Our revenues declined by 27% in local currency. Although this development on the surface may seem like a significant decline, this is largely a consequence of us driving necessary changes in the quarter to
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