SHARES in Sigma Healthcare slumped over 8% on Fri after the company warned its full year profit was likely to be $5 million lower than expected (PD breaking news).
The update confirmed that sales were "more challenging given general industry conditions and our ongoing focus on enforcing consistent brand standards to improve brand performance".
CEO Mark Hooper said the company now anticipated its 2018 full year underlying earnings would be about $90m - $5 million less than current forecasts.
He said steps had been taken to enhance sales performance and market share growth in the second half, to help overcome the impact of general market conditions and provide momentum into FY2019.
"This will continue to drive stronger like for like performance from Sigma's brands," Hooper said.
Further details will be provided early next month when Sigma announces its half year results.
Fri's price drop means SIG shares are down more than 33% since the start of the year.
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