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February 12, 2004

CANADA: Van Houtte lowers full-year forecast as Q3 profit falls

Canadian coffee distributor and retailer Van Houtte has lowered its full-year earnings outlook after posting lower third-quarter profit.

Canadian coffee distributor and retailer Van Houtte has lowered its full-year earnings outlook after posting lower third-quarter profit.

The company reported earnings of C$4.8m (US$3.6m), or 22 cents per share, for the third quarter to 3 January, compared to $5.1m, or 24 cents per share, in the year-ago period. Analysts had been expecting, on average, earnings of 25 cents per share, reported Reuters.

Van Houtte said it now expects full-year earnings per share to be between 90 and 95 cents per share, compared to its previous forecast of between 95 cents and $1.

The company said results from its US operations had been disappointing, due to slow sales in some regions and the weaker US dollar.

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