Third Quarter and Nine Months 2019 Results
“Performance was softer than expected during the Third Quarter 2019 as our markets remain volatile and challenging. In Lighters, the deterioration of the U.S. Pocket Lighters’ market accelerated. In Stationery, our Back-to-School sell-out was soft in the U.S. and Mexico, while in India, the recovery is slower than anticipated. Performance remained robust in other areas. In Shavers, our teams delivered solid results reflected by further market share gains. We also continued to grow
e-commerce Net Sales, up 17% year-to-date.
The Third Quarter results, coupled with our Year-to-Go projections, led us to adjust our Full Year 2019 Outlook on 11thOctober. We now expect Net Sales evolution to be between flat and -2.0% on a comparative basis and Normalized Incomefrom Operations margin in the lower end of the 16.5% to 18% initial range.
We continue to execute on our “BIC-2022 Invent the Future” transformation plan and I remain convinced that our solidbusiness foundations, combined with a more consumer-centric organization, will enable BIC to resume long-term growthmomentum, drive cash flow generation, creating sustainable value for all our stakeholders.”
Chief Executive Officer