UPDATE 1-Nordic sports retailer XXL warns on sales [Reuters]
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Source: Reuters
UPDATE 1-Nordic sports retailer XXL warns on sales (Adds analyst comment, detail) OSLO, Jan 3 (Reuters) - XXL, the Nordic region’s largest sports retailer, suffered a sharp fall in fourth-quarter sales hurt by heavy discounting across the industry and mild winter weather that hurt demand. XXL has issued a series of sales and profit warnings since 2018 and last October raised cash from shareholders in order to shore up its balance sheet. Its 2019 revenue fell to around 9.0 billion Norwegian crowns ($1.02 billion) from 9.5 billion, the company said in a statement released late on Thursday. That reflected a 12% fall in like-for-like sales in the fourth quarter, it said. “December and in particular Christmas sales have been weak,” the retailer said. XXL predicted 2019 earnings before interest, tax, depreciation and amortisation (EBITDA) of 870 to 900 million crowns, which would be up from 541 million last year but the numbers are not comparable as XXL changed accounting standards this yea
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