BIC Group Reports Full Year 2011 ResultsFebruary 15, 2012 By Kyle Richardson
BIC Group, the international company behind BIC Advertising & Promotional Product (BIC APP) which controls the Norwood & BIC Graphic USA brands, today released their full year financial figures for 2011. The company reported overall net sales up 3.1 percent at 1.8 billion euros (approximately $2.4 billion) on a comparative basis, and net income up 14.7 percent at 237.9 million euros ($313 million).
"Our 2011 results confirm the solid foundation of BIC's business model, offering value (quality and price) and innovation to all consumers around the world," said Mario Guevara, chief executive officer of BIC Group.
The company's consumer business increased 6.3 percent overall, with a 5.3 percent increase in North America. BIC APP saw a 10.4 percent decrease in net sales on a comparative basis, notably due to a sharp decreases in Europe in the fourth quarter. Specifically, the company noted that its promotional product hard good business saw sharp decreases in Southern European countries like Spain, Greece and Italy last year. BIC Group's promotional stationery and calendar sales either remained steady or increased in 2011.
In its financial statement, the company said it expected 2012 sales to increase slightly, with the consumer business seeing single-digit growth and promotional products sales remaining flat, consistent with slight increases and decreases in North America and Europe, respectively. "2012 will show new product development initiatives and renewed customer focus now that our service levels are back to industry standards," the company said in a statement.
BIC Group indicated it expects its promotional product business to see increases in the near future. "For BIC APP, the timing of the upturn in net sales will be a function of the economic recovery of developed countries, but, more importantly, it will rely on our ability to regain market shares," the statement said. "As a consequence, we expect to reach low to mid-single digit annual sales growth within the next 3 to 5 years."
To read the full year 2011 results, visit www.bicworld.com.