France-based BIC Group, the parent company of Top 40 supplier BIC Graphic (asi/40480), announces that it increased its revenues by 2.1% in the third quarter to reach 559.6 million euros ($610 million). On a comparative basis, which includes exchange rates and excludes acquisitions and other events, sales increased by 3.8%. The company’s net promotional product sales increased by 6.3% in the third quarter, with a 7.2% increase on a comparative basis.
For the first three quarters of 2016, BIC increased its revenues by .6% to reach 1.7 billion euros ($1.8 billion) and by 4.9% on a comparative basis. “The strength of our ‘High Quality and Value’ positioning and increased investment in R&D, innovation and the brand, supported by the engagement of BIC teams around the world, continued to fuel our growth across all categories and geographies,” said Bruno Bich, CEO of BIC Group.
BIC Graphic saw promotional product net sales growth of 2.9% over the past nine months and 4.1% on a comparative basis. For Q3, net sales for the division were up 6.3% and 7.2% on a comparative basis.
The company stated that sales in the Writing Instruments and Hard Goods categories continued to be bolstered by its Good Value line and other new products, while the increase in third-quarter net sales was supported by earlier shipments in Calendars compared to last year.
In February, the company announced that it would examine strategic alternatives for BIC Graphic and its promotional product business, with a decision to come by the end of the year. The Q3 earnings announcement reiterated that the review process is proceeding as planned.
For 2016 as a whole, the company continues to expect mid-single digit growth in net sales on a comparative basis, an expectation also put forth in its Q2 earnings report in August. Said Bich: “Year-to-date results reinforce our confidence that we will achieve our 2016 objectives.”
BIC Graphic North America is ranked fourth on Counselor’s list of top 40 suppliers, with an estimated $321.2 million in 2015 promotional product sales.