Eurocash Q3 profit below consensus

WSE-listed FMCG retailer had PLN 35.7 million attributable net profit in Q3 2017, 39.1 percent lower y/y, and below the PLN 60.6 million expectations. Group sales were up 7.4 percent y/y to PLN 6.18 billion, mostly due to consolidated sales from acquired companies such as EKO Holding and PDA. Q3 EBITDA dropped by 17.7 percent to PLN 101.5 million. The company blamed the lower figures on the falling margins at the Cash&Carry business and in the cigarettes and impulse products segment.