RCG Corporation: Sales slip in March and April

Company News

by Jessica Amir

RCG Corporation Limited (ASX:RCG) has announced its vertical sales have fallen 5% on a like-for-like basis in March and April 2017, compared to the prior year, amid challenging retail conditions.

The footwear business which has brands such as The Athlete’s Foot, Hype DC, Skechers, Vans and Dr. Martens says, the sluggish sales results were also short of management’s expectations.

The company says, as the market remains volatile and unpredictable it makes sales forecast extremely difficult. As a result it has revised its EBITDA guidance to a range of $74 million to $80 million.

RCG says the recent share slide does not align with the views of its shareholders, or its directors which hold 30% of the shares on issue.

Shares in RCG Corporation Limited (ASX:RCG) opened 15.36% lower to 70.25 cents. 
 

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.