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.