Two stocks that tumbled on ASX – RCG Corporation Ltd and Quintis Ltd
Downgraded full-year guidance: RCG Corporation Ltd (ASX: RCG) stock lost over 27% on May 01, 2017 after the company announced that the group’s sales performance across all business units for the months of March and April combined have fallen short of management’s expectations. Hence, they downgraded their full-year guidance for the second time in just over two months with a more cautious outlook for the remainder of the financial year. RCG expects the underlying EBITDA guidance to a range of $74 million – $80 million for FY 17. In February RCG had instead of $90 million, had revised its underlying EBITDA to be between $85 million and $88 million. Moreover, RCG considers the recent fall in share price is due to the declining consumer confidence, subdued wage growth, concerns surrounding the housing market, increasing interest rates. Market entry of Amazon would also hurt the Australian retail landscape. RCG also expressed about the uncertainty in the market regarding the intentions of the former owners of Accent when their share escrow expire in May 2017.
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