Funtastic chief executive resigns

Toy distributor cuts full-year guidance due to weaker-than-expected US sales.

Toy distributor Funtastic's (FUN) chief executive Stewart Downs has resigned, while the group has cut its full-year earnings guidance due to weaker-than-forecast sales in the US and Canada.

The group now expects full-year earnings before interest, tax, depreciation and amortisation of $10 million to $12m, prior to asset carrying value adjustments, down from previous guidance of $19m to $23m.


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