BIC fell sharply on the stock market on Thursday, after the manufacturer of stationery and lighters lowered its annual sales growth forecasts amid increasing competition in the US market.

BIC said on Wednesday evening that it now expects "low single-digit" sales growth in 2024, at constant exchange rates and excluding Argentina, compared with an initial growth forecast of between 5% and 7%.

On the Paris Bourse, at around 09:40 GMT, BIC shares were down 9.2% at 57 euros, the bottom of the SBF 120, which was up 0.61% at the same time.

Eric Rossi, analyst at Bryan Garnier, noted in a note that fiercer competition from BIC's Asian rivals had weighed on the group's performance in the United States, where volumes were down 6%.

"Management initially expected the US lighter market to stabilize in the second quarter," says Eric Rossi, adding that consumer trends in the US continued to deteriorate.

Bryan Garnier now expects BIC's lighter business to decline by 4% at constant exchange rates, compared with a previously stable figure.

The analyst also points out that BIC's maintenance of its adjusted operating margin guidance is a positive, if surprising, sign.

(Written by Dagmarah Mackos with Nathan Vifflin, edited by Augustin Turpin)