Share of Retail Food Group Limited Revised FY17 guidance downwards
Revised FY17 guidance downwards: Share of Retail Food Group Limited (ASX: RFG) tumbled 10.4% on 21 June 2017, after announcing the revised outlook for FY17. The company expects 15% yoy underlying net profit after tax (NPAT) for FY17 against the previous guidance of 20% yoy growth and expected to deliver an 8% increase in earnings per share. The company has relied on growing through bolt-on acquisitions and increasing its store network had been impacted by franchise growth hurdles in overseas and unspecified supply chain issues affecting its Michel’s Patisserie bakery business. Further, recoverability of advances made by the group to the Michel’s Patisserie and Pizza Capers Marketing Funds had been reassessed, and a $22m non-cash write-down will be recorded in FY17 results (as a non-core expense).
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