Stationery sales were up 4.2% in H1, 5.7% at constant exchange rates. In Europe, sales saw a slight increase while North America was stable. In both regions, the performance of the second quarter was affected by the timing of delivery orders for the new school year.

 

Distributors have delayed orders until the last moment for back-to-school with a consequent shift of the activity from the second to the third quarter. Back-to-School 2011 should be better than 2010 for Bic products, even if the performance of large-scale distribution will depend on consumer behaviour in a more volatile economic environment.