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Ban&Olufsen issues another profit warning

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Ban&Olufsen issues another profit warning

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The Danish luxury hi-fi and television maker Bang&Olufsen has cut its profit estimate for the third time in a year. That profit warning came as its sales continued to fall in a deepening global economic downturn.

The company now sees operating profit of about 26 million euros down from its previous forecast of 30 to 37 million euros for the financial year that ends in May.

B&O’s shares dropped further: they are down by almost two thirds since early January.