US: Cosentino Signature Wines issues FY profit warning
A sudden and sharp decline in sales has forced California's Cosentin Signature Wines to issue a profit warning for its full-year.
Trading for 2008 will be below expectations, Napa Valley-based Cosentino said in an update today (8 December).
The UK-listed premium wine group blamed the economic downturn for a below-average sales in October and a "steep decline" in November.
Chairman Larry Soldinger said the sales decline has been "sudden and sharp".
Cosentino's warning may raise questions about the firm's liquidity. Soldinger said: "We are continuing to take the necessary steps needed to further reduce our cost base and improve our operating efficiencies. We are also reevaluating the Company's debt position."
UK-listed Cosentino Signature Wines has said that it defaulted on its most recent loan repayments, but has entered talks with several parties in an effort to secure fresh financing....
Cosentino Signature Wines has updated the UK stock market on its latest attempts to bring down its debt....
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