BIC Group Reports First Quarter 2013 Results
BIC Group, parent company to BIC Advertising & Promotional Products (BIC APP), reported its 2013 first quarter results this week. The group as a whole reported sales of approximately $561 million (428.6 million euros), down 3.7 percent from same period in 2012. The BIC APP division saw net sales decreased 11.9 percent in that period.
BIC APP, which includes Norwood & BIC Graphic, one of the largest suppliers in North America, had net sales of 53 million euros (approximately $69.5 million) for first-quarter 2013. The group's sales in the same quarter last year were 60.1 million euros ($78.8 million).
"Our first quarter 2013 results showed contrasted trends," said Mario Guevara, chief executive officer of BIC Group. "Despite a challenging comparison base, we managed to grow our consumer business in almost all geographies and notably in Europe and North America. In developing markets the slowdown of Latin America growth was more than offset by the good performance of the Middle-East and Africa regions and by Asia."
"In our Consumer business, full year 2013 net sales and profitability goals will be in keeping with our medium-term objectives as we continue to invest in all geographies to enhance future growth," Guevara said. "Despite BIC APP disappointing First Quarter results, we are confident that our new management will be able to turn the business around."
The full release is available on BIC Group's website.