BIC Group Releases 9 Month Sales Figures
The BIC Group today reported its nine-month results for 2011. For the period ended in September, the company posted a 3.8 percent net sales increase on a comparative basis. Net income was up 14.3 percent at 183.9 million euros ($253.3 million).
For the quarter, BIC's net sales were an adjusted 0.8 percent increase on a comparative basis. Group net income increased 7 percent, from 61.1 million euros in 2010 to 65.4 million euros in Q3 2011. The company indicated that the numbers for the period and year are as expected, and confirmed the company's 2011 outlook, with net sales for the year increased by single-digit growth.
"BIC's nine months results were solid," Mario Guevara, chief executive officer, said in a press release. "Our consumer business trend stayed positive despite the challenging economic environment; and importantly the group's profitability levels were above the historical average."
BIC Advertising and Promotional Products (BIC APP), which includes Norwood & BIC Graphic North America, saw normalized income from operations drop slightly for the quarter, from 11.4 percent to 9.7 percent, and for the nine-month period from 4.4 percent in 2010 to 2.8 percent this year.
The company indicated that part of the decrease was a result of non-recurring items resulting from the restructuring of BIC Graphics North America and Norwood, which had been anticipated. Further, the company stated that this restructuring would ameliorate costs for the future, and that customer service functions following the restructuring had returned to normal levels. "We remain committed to the BIC APP long-term business plan while making all the necessary adjustments," Guevara said.