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Provider: Reuters Investment Profile
Provider: Directors Deals Ltd.
Provider: Wright Reports
Provider: Directors Deals Ltd.

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BoConcept Holding A/S Lowers FY 2012/2013 Financial Guidance; Closes Four Own Stores in Spain and One in Sweden

Wednesday, 8 May 2013 03:50am EDT 

BoConcept Holding A/S announced that as a result of the revenue decline in the group's largest single market, revenue and profit for the year ended April 30, 2013 fell below budget. In line with the group's financial development in the 2012/2013 fiscal year, the management has decided to make a downward adjustment of the group's guidance. Following on that, for the fiscal year 2012/2013 the Company expects approximately DKK 1,025 million in revenue, or zero growth, compared with the previously announced 2% growth, and DKK 20 million in EBIT, including non-recurring costs of DKK 5 million, corresponding to an EBIT percentage of 2% versus the previously announced 3.5%. According to I/B/E/S Estimates analysts on average are expecting the Company to report revenue of DKK 1,036.00 million and EBIT of DKK 35.50 million for the fiscal year 2012/2013. To improve profitability in the face of the continued challenges imposed by the prevailing market conditions, BoConcept's management has decided to adjust the group's cost structure through shedding staff and support functions. Furthermore, four of the group's own stores will be closed in Spain and one in Sweden. One of the cost-cutting measures is also to consolidate the responsibilities discharged by the executive board.