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Edition: U.S. Article Comments (0) Follow Reuters Facebook Twitter RSS YouTube Read TEPCO still working on plan to end Japan nuclear crisis 9:45am EDT Atop new poll, Trump slams China, OPEC and Obama 12 Apr 2011 JPMorgan Q1 profit up 67 percent; can it be repeated? 11:37am EDT TEPCO still working on plan to end Japan nuclear crisis | 9:17am EDT Obama deficit plan to seek tax reform, spending cuts 11:32am EDT Discussed 145 China tells U.S. to quit as human rights judge 140 Reid says Republicans want shutdown to close clinics 116 Obama, Congress struggle to find budget deal Watched South Korean "super gun" packs hi-tech killing power Mon, Feb 14 2011 Argentine models bare it all Thu, Apr 7 2011 X-47B - the future of autonomous aerial warfare Fri, Feb 11 2011 SMALL BUSINESS Do fries go with that app? Worried about how many calories you are going to consume in a serving of fries? A new iPhone application may help. After taking a picture of the meal with the phone, the app gives a calorie read-out almost instantly Full Article Caribbean rum maker looks to tap U.S. market Startup targets online vacation rentals Bang & Olufsen pledges core unit turnaround Tweet Share this By Mette Fraende and Shida Chayesteh COPENHAGEN (Reuters) - Danish luxury electronics maker Bang & Olufsen is confident it can turn around its lackluster core audio-video business and will not rule out divestments, its new chief executive... Email Print Related News Cisco kills Flip camera in first revamp step Tue, Apr 12 2011 Energy drives Wall St lower, Alcoa's results drag Tue, Apr 12 2011 Trade data shows growth headwinds Tue, Apr 12 2011 UPDATE 5-Banesto Q1 profit drops in ailing Spanish market Tue, Apr 12 2011 Alcoa profit tops estimates but revenue misses Mon, Apr 11 2011 Analysis & Opinion Tech wrap: HTC trumps Nokia Cisco takes first small step to focusing on core Related Topics Technology » Media » Stocks By Mette Fraende and Shida Chayesteh COPENHAGEN | Wed Apr 13, 2011 10:35am EDT COPENHAGEN (Reuters) - Danish luxury electronics maker Bang & Olufsen is confident it can turn around its lackluster core audio-video business and will not rule out divestments, its new chief executive said. Turning lackluster sales in its core business around was a challenge, but could be done, Chief Executive Tue Mantoni told Reuters as the company reported third quarter results on Wednesday. He added divestments could not be ruled out. "I definitely think we can turn the development in audio-video around. I don't think it will be easy, but I definitely believe we can," Mantoni said. He added more details would be given in a few months time when a strategic review of the group would be presented. In its third quarter report it said the review had been launched in connection with the appointment of Mantoni in March, and would be presented with the annual results in August. "Considering that we are now reviewing our strategy I cannot say that we will sell anything off, nor can I rule out that we will divest," Mantoni said. Its third quarter result missed analysts' expectations despite a rise in profits, hurt by static sales in its core audio-video business, which accounted for slightly over 80 percent of total group sales in the quarter. Other non-core activities include telephones, digital media and car audio equipment. The result was also dragged down by a one-off payment associated with the departure of its former CEO, the group said. Sales in the automotive division rose by 123 percent in the three months to end November compared with the same quarter the year before. Shares in Bang & Olufsen rose 7.6 percent at 10:10 a.m. EDT, against a flat Copenhagen Bourse's Benchmark index. "B&O has indirectly improved its results as they have booked some costs, 21 million crowns, of which a large part are related to the exit of their chief executive," said Sydbank analyst Nicolaj Jeppesen. "But we still see that they are not managing to grow their core business (audio-video) and that automotive still drives the result." "We need to see its core business beginning to grow soon as this is what ought to drive the group in the future," Jeppesen said. BRACING FOR FLAT FY SALES Bang & Olufsen has grown as a supplier of audio systems for upmarket cars including Aston Martin, Audi and Mercedes, but while sales in the automotive division are rising steeply it still accounted for just 113 million crowns out of 820 million in total group sales in the third quarter. The producer of sound systems and high-end televisions -- such as the top-of-the-line 103-inch BeoVision4 that costs roughly 100,000 euros -- said it expected sales for the full 2010/11 financial year of 2.85 billion Danish crowns which was roughly in line with an average 2.97 billion crowns forecast in a Reuters poll of analysts, and slightly higher than 2.76 bln reported the year before. 1 2 Next Technology Media Tweet this Share this Link this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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