BIC's Net Profit and Sales Tumble

Societe BIC on Wednesday posted a sharp decline in fourth-quarter net profit, along with a fall in sales in the period.
The France-based maker of pens, lighters and razors, said net profit fell to 3.6 million euros in the quarter compared with a net profit of EUR 23.5 million for the same period a year prior. For the full year of 2020, net profit came in at EUR93.7 million.
Quarterly sales fell to EUR410.1 million from EUR501.2 million, bringing full-year sales to EUR1.63 billion.
BIC said overall business was significantly affected by the coronavirus pandemic in 2020, with the stationery division hit hardest as online classes led to canceled or delayed back-to-school seasons and people worked remotely.
The dividend for 2020 has been set at EUR1.80 a share, the company said. This is below the EUR2.45 a share for 2019, which was lowered from an initial EUR3.45 a share amid the pandemic.
For 2021, BIC targets 5% to 7% net sales growth at constant currencies. "To succeed, we will focus on increasing market share in key growing countries through new product launches and efficient promotional activities and continue to expand in e-commerce," the company said.

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