Retail Food Group shares down 10pc after profit downgrade
Shares in food and coffee franchisor Retail Food Group fell 10 per cent after the company trimmed profit growth forecasts and flagged writedowns that will slice bottom-line profits by about 16 per cent.
RFG, which owns brands including Crust Gourmet Pizza and Pizza Capers, Donut King, Brumby's Bakery, Michel's Patisserie and Gloria Jeans, issued a trading update on Wednesday saying it now expected underlying net profit in 2017 to rise 15 per cent rather than its original guidance of 20 per cent.
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