North America declines hit BIC sales
| 28 April, 2017
BIC reports that its net sales for stationery in Q1 2017 decreased by 2.2% and by 5.1% on a constant currency basis.
Bruno Bich, Chairman and Chief Executive Officer said: "Q1 2017 Net Sales declined by 4.1% on a constant currency basis, weakened by both Stationery and Shavers in North America.
“With the launch of BIC® Gel-ocity Quick Dry Gel Pen in the U.S., additional distribution gains in Developing Markets and the continued solid performance of our shaver business in Eastern Europe and Latin America, Full Year 2017 organic Net Sales should grow mid-single digit, in line with our objectives.”
Stationery sales in Europe increased in low single digits, continuing the strong momentum of 2016, with good performances in France and in Eastern European countries. In North America, where prior-period Q1 2016 comparables were very high, Net Sales registered a double-digit decrease in a challenging U.S. Stationery market, especially in the Mass Market channel.