BUZZ-AutoCanada Inc: Weaker-than-expected Q3 sales and profit

Fri Nov 6, 2015 12:21pm EST
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

** Automotive retailer's shares down 10 pct at C$27.80 in afternoon trading

** Q3 sales and profit miss analysts' estimates, as unemployment levels in Alberta pressure its business

** Says prolonged slump in crude oil prices weighing on consumer spending in Alberta

** Company says "unsure of when the Alberta economy will improve and that the outlook for the retail automotive industry in Alberta remains challenging"

** Says on track to meet its forecast to buy six to eight dealerships by May next year, with the acquisitions mainly in Ontario to prop up growth

** Up to Thursday's close, stock had fallen about 30 pct this year