Loyalty Ventures shares grounded, co to re-evaluate guidance

Loyalty Ventures

08/06/2022 15:22

** Shares of Loyalty Ventures  LYLT.O  tumble 41.2% to $6.49 in
Weds trading
    ** Trading in LYLT halted multiple times for volatility
    ** In release updating developments in air miles reward
program, co says is re-evaluating 2022 revenue and EBITDA
guidance after "unable to align on extension terms" with sponsor
Sobeys
    ** "Consequently, Sobeys provided notice of its intent to
exit the program on a region-by-region basis, beginning with
Atlantic Canada, between August and the first quarter of 2023,"
Loyalty Ventures says in release  urn:newsml:reuters.com:*:nNDLYbxL2  urn:newsml:reuters.com:*:nFWN2XV04G
    ** Co says to re-evaluate its 2022 guidance "when there is
more clarity, which management hopes to have by the time of its
second quarter earnings release"
    ** LYLT shares hit lowest point since co was spun off from
Alliance Data Systems, which is now called Bread Financial
Holdings Inc  BFH.N , in Nov
    ** YTD, LYLT shares now down ~78% vs ~10% decline for S&P
600 small-cap index  .SPCY 

 (Reporting by Lewis Krauskopf)
 ((lewis.krauskopf@thomsonreuters.com; 646-223-6082; Reuters
Messaging: lewis.krauskopf.thomsonreuters.com@reuters.net,
Twitter: @LKrauskopf))