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BIC shaves 2017 sales growth forecast
September 29, 2017 / 4:45 PM / 21 days ago

BIC shaves 2017 sales growth forecast

Sept 29 (Reuters) - Ballpoint pens and razors maker BIC cut its 2017 sales forecast on Friday, blaming a worse than expected performance in the United States and weakness in Latin American markets.

The company, which also makes lighters, said it now expected underlying net sales growth to be slightly below two percent this year, compared with a previous forecast of between three and four percent.

In the United States, the lighter market was affected by several major customers reducing inventories, while the wet shave market remains tough, the company said in a statement.

Although BIC had predicted lower consumption in Brazil, the decline was larger than expected, which led retailers to cut inventories.

The company reiterated its forecast for a decline of less than 100 basis points in the margin on its normalized income from operations. (Reporting by Camille Raynaud; Editing by Mark Potter)

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