November 6, 2015 / 5:23 PM / 2 years ago

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

1 Min Read

** 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

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