Signify: Sales will not grow this year

The business of transitioning from conventional to IoT lighting continues to be a tricky one, as Signify said that sales will not grow this year after reporting a 3.4% drop in revenue for the second quarter ended June 30, to €1.54 billion, and a 60% fall in net income, to €29 million. “Given the slow start to the year and as we expect ongoing challenging market conditions, we have decided to revise our sales outlook for the year,” said CEO Eric Rondolat. “We expect our sales growth performance to improve in the second half, but this will not be enough to deliver positive comparable sales growth for the full year.”