XXL drops after warns of lower margins
21/12/2022 08:29
** Shares in XXL XXL.OL fall as much as 11% after the
Norwegian sports retailer warned of weaker earnings margins and
announced plans to raise 500 million Norwegian crowns in new
equity
** XXL expects "significantly lower gross margins" in Q4,
with total operating revenue in range of NOK 2.3-2.4 billion
** The company also said it plans to leave the Austrian
market in 2023 as a result of its strategic business review
** If losses hold, the stock will see its worst day since
Sept. 29
** At 0826 GMT XXL was down 9%, worst performer among
Norwegian stocks
(Reporting by Agata Rybska)
((agata.rybska@thomsonreuters.com))
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