Q1 2023 Bang & Olufsen A/S Earnings Call Transcript
Ladies and gentlemen, welcome to the Bang & Olufsen a/s Interim Report Q1 2022/2023. (Operator Instructions)
Today, I'm pleased to present CEO, Kristian Tear. Speakers, please begin.
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Hello, everyone, and thank you for joining the call. With me today is our CFO, Nikolaj Wendelboe. I will begin by going through the financial highlights for our first quarter, followed by an update on how we are progressing on our strategy and how we are focusing our efforts under the current macroeconomic environment. Nikolaj will take us through the financials, and I will conclude the presentation part before opening up for questions.
The challenging macroeconomic environment we experienced in Q4 of last year continued into Q1. Regional lockdowns and the economic climate in China had a direct impact on our sales. Rising interest rates, the war in Ukraine and higher inflation have also affected consumer confidence across Europe. We
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