Playtex Shares Fall on Slashed Outlook
From Reuters
Playtex Products Inc. shares slumped to a record low after the company slashed this year’s profit forecast in half due to weak sales of tampons and sunscreen products.
Shares of the company fell by as much as 25%. It slashed its profit outlook for the second quarter as well as the full year.
The Westport, Conn., company said it now expected a profit of 8 cents to 10 cents a share for the second quarter, with sales down 10%. It previously forecast profit of 22 cents to 25 cents. For the year, Playtex cut its earnings outlook to 42 cents to 45 cents a share, down from a previous forecast of 80 cents to 85 cents.
Playtex shares closed down 97 cents, or 12.7%, at $6.70 on the NYSE.
