Australia's Lark Distilling sinks most in 16 months on weak sales forecast

Lark Distilling

26/06/2023 01:36

** Shares of Lark Distilling Co Ltd  LRK.AX  sink as much as
16.3% to A$1.36, marking their biggest intraday pct loss since
Feb. 16, 2022
    ** The craft spirits maker forecasts H2 FY23 sales of A$7.4
mln ($4.94 mln), down from A$9.6 mln posted in H1
    ** LRK now expects FY23 sales of A$17 mln, compared with
A$20.3 mln posted a year earlier
    ** Forecast sales of A$3.9 mln for Q4 FY23 reflect impact of
cycling one-off sales in Q4 FY22, along with more challenging
trading environment and consumer confidence - LRK
    ** More than 112,000 shares change hands, vs the 30-day
average volume of ~81,000 shares
    ** LRK down 31.7% YTD, as of last close    

($1 = 1.4970 Australian dollars)

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))