Burnett Billings Dip 2% for 1993

CHICAGO – Leo Burnett Co. last week reported an overall billings decline for the first time in a decade.
Worldwide billings decreased 1.9% to $4.223 billion. Surprisingly, billings outside the U.S. took a major hit, dropping $83 million, or 3.8%. Burnett’s domestic business was flat, with billings increasing only $2 million, or .1%, to $2.106 million.
‘This was a very challenging year for Leo Burnett,’ said president/ceo Bill Lynch in a statement. ‘The worldwide economy is recovering very slowly from a prolonged recession and we continue to see a decrease in spending in many offices.’
Burnett two weeks ago laid off 159 staffers; another 23 took early retirement. Earlier this year, the agency laid off 52 in its first staff cut in a decade.
Copyright Adweek L.P. (1993)