The Reject Shop: Profit downgrade

The Reject Shop’s share price has fallen 11% after the company announced that it expects to produce an annual profit of $14.5m-15.5m, down from previous guidance of $17m-18m. Management laid the blame on 'unseasonably warm weather across the country [which] led to a deterioration in sales of winter related departments and ranges during May.' It's a familiar story across the industry. Pacific Brands is the latest retailer to downgrade its profit forecast and the Australian Bureau of Statistics cited below average retail spending over the past couple of months in the lead up to the federal budget. Dramatic swings...

The Reject Shop’s share price has fallen 11% after the company announced that it expects to produce an annual profit of $14.5m-15.5m, down from previous guidance of $17m-18m. Management laid the blame on 'unseasonably warm weather across the country [which] led to a deterioration in sales of winter related departments and ranges during May.'

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