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Australia retailer Just issues profit warning

Tue Jul 1, 2008 8:23pm EDT

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SYDNEY, July 2 (Reuters) - Australian clothing retailer Just Group JST.AX on Wednesday cut its earnings forecast for its 2008 financial year to between 29.2 and 30.6 cents per share from its previous guidance of 33.4 cents.

Last month, Just rejected a A$835 million ($796 million) cash-and-shares bid by billionaire investor Solomon Lew, saying it was too low. Just called the bid by Lew's Premier Investments Ltd (PMV.AX) opportunistic given a forecast downturn in retail spending as shoppers feel the pinch from higher living costs. ($1=1.049 Australian Dollar)

(Reporting by Mark Bendeich; editing by )



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