BIC Group Releases 2014 First Quarter Results
“Our Q1 2014 results showed a solid start to the year, reflecting good organic growth and the positive impact of the consolidation of Cello Pens into our Consumer Business, along with the recovery in BIC Graphic Net Sales," BIC's CEO Mario Guevara, said in a statement.
The comparative net sales increase was the first quarterly increase since the acquisitions of Norwood and Antalis in 2009. BIC Graphic is expected to see further growth in the low-single digits, with a normalized income from operations (IFO) margin remaining in the mid-single digits through 2014. While IFO overall increased 17.6 percent for the group, the promotional products portions suffered a 7.2 percent loss in that category. Q1 2014's normalized IFO losses increased from 5.4 percent losses due to increased marketing investments in North America and Europe due to sales growth.