RCG Corporation Ltd.’s Market conditions continue to be challenging
Market conditions continue to be challenging:RCG Corporation Ltd.’s (ASX: RCG) sales performance across all business units for March and April has been low as the sales in both the Accent Retail and Hype business were just in line with the prior year, but not up to management’s expectations. The Athlete’s Foot’s (TAF) sales for the year-to-date continued to be in line with the prior year. However, the wholesale divisions of both the RCG and Accent business have performed poorly owing to exposure to the challenging conditions, since mid-February. RCG’s vertical retail business has also declined 5% on a like for like basis for the same period. Although, the management expects trading conditions to improve going forward, the subdued performance in the March / April period, together with a more cautious outlook for the remainder of the financial year led RCG to revise its EBITDA guidance to $74 million – $80 million for FY17 from the earlier guidance of $85 million – $88 million.
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