BIC Group Reports First Quarter 2012 Results
BIC Group, the international company behind BIC Advertising & Promotional Product (BIC APP) which controls the Norwood & BIC Graphic USA brands, today released its financial figures for the first quarter 2012. The company reported net sales up 9 percent on a comparative basis at 445.0 million euros (approximately $588 million) across all groups.
"During the first months of 2012, all consumer business categories achieved strong results, driven by the success of both core and new products," said Mario Guevara, chief executive officer of BIC Group. "Although the economic environment remained challenging, we performed very well as we continued to reinforce our competitive positions in developed and developing regions."
In addition to growth among all of its consumer departments (stationery, lighters and shavers), the company's promotional product group saw signs of improvement. BIC APP saw a 2.7 percent increase in net sales over the same period last year, with 60.1 million euros (approximately $79.4 million).
"In Advertising and Promotional Products, whereas Europe continued to be weak, particularly in Southern countries, net sales trends showed some progress in the U.S. and BIC APP operational efficiency has started to improve," Guevara said.
In its financial statement, BIC Group pointed to several events which could lead to improved profits down the road. The company acquired land in Tunisia for the construction of a writing instrument facility which is expected to be operational in 2013, and BIC Group also recently received approval for the acquisition of 40 percent of Cello Pens & Stationery.
BIC Group said that it expects sales growth to slow after the strong first-quarter showing, and margins should remain close to 2011 levels. The full report is available on BIC Group's website.