Danish television and stereo maker Bang & Olufsen has posted a 29% drop in full-year revenue to £247.44 million.
Bang & Olufsen, whose most exclusive speakers cost up to $80,000, saw a £41 milllion loss in earnings this year.
It said it expects revenue increase to £260 million next year.
The impact from the Covid-19 outbreak resulted in temporary store closures in all markets and was the reason for the decline,” the company said.
Per Hansen, an investment economist at Nordnet, called the results “terrifyingly bad” in a note to clients.
The results come despite people being stuck at home during lockdown.
Nevertheless analysts said shoppers remained cautious about spending on big ticket items such as televisions, stereos and speakers.
