Best & Less To Miss Forecasts, After Orrock-Led IPO
Best & Less has informed investors the company will miss its revenue and profit forecasts, due to lockdowns.
Best & Less, who listed on the ASX just four months ago with a $60m float, had previously forecast pro forma underlying earnings of $62.4m and net profit of $41.3m for the half-year ending December 2021.
CEO Rodney Orrock — who was previously a senior executive at Dick Smith, and GM of Harvey Norman-owned Domayne — said, as Best & Less was not an ‘’essential retailer’’, the lockdowns forced stores to close and changed consumer’s normal shopping patterns.
The company said, since the start of July, lockdowns cost them 9,272 trading days.
In August, the company reported its FY21 net profits leaped to $47m from just $16.1 during FY19.