Danish maker of luxury TVs and stereos Bang & Olufsen (B&O) posted a first-quarter pre-tax profit of $1.66 million on the back of improving markets and repeated its full-year profit outlook.
"The increased turnover, compared to the first quarter last year, is due to a general improvement in the majority of the group's markets," B&O said in a statement.
The maker of sleek stereos and TVs repeated its forecast of full-year pretax profits between 360 million and 390 million crowns (€48.4 million).
"The expectations for the American and Asian markets remain generally positive while the outlook for sales to the European markets is believed to be less favourable," B&O said.
The company's first quarter covers the summer months of June to August, when consumers traditionally spend their time outdoors rather than shopping for hi-fi goods.
B&O has focused heavily on reducing costs over the last few years amid a challenging economic climate, but analysts have said B&O is poised to reap the benefits of its lower cost base, combined with a cyclical turnaround in most of its major markets.