Australia's Adore Beauty Group sees worst day since May 2021 on FY23 forecast

Adore Beauty

29/08/2022 05:25

** Shares of online beauty retailer Adore Beauty Group Ltd
 ABY.AX  fall as much as 15.8% to A$1.55 - set to mark their
worst session since May 6, 2021 if losses hold
    ** ABY says it does not expect to achieve EBITDA margin of
2%-4% in FY23  urn:newsml:reuters.com:*:nASXbMCY32
    ** Sees return to 2%-4% full-year EBITDA margin only in FY24
    ** Facing inflationary pressures around employee, freight
and marketing costs, and subdued consumer sentiment - co
    ** Co expects return to double-digit revenue growth in H2
FY23
    ** For FY22, group records profit attributable of A$2.4 mln 
($1.65 mln), up 181%; revenue up 11% at A$199.7 mln
    ** Shares hit their lowest since Aug. 15
    ** Stock down ~54% this year, as of last close

($1 = 1.4584 Australian dollars)

 (Reporting by Anan Ashraf in Bengaluru)
 ((Anan.Ashraf@thomsonreuters.com;))