WPP Sees Flat Like-for-Like Net Sales in 2020 After 4Q Decline
February 27 2020 - 2:43AM
Dow Jones News
By Adria Calatayud
WPP PLC said Thursday that it expects like-for-like net sales to
be flat this year after posting a sharper-than-anticipated fall for
the fourth quarter of 2019.
The London-based advertising giant said like-for-like net
sales--a closely-watched measurement of its underlying operating
performance--for the quarter returned to negative territory with a
1.9% decline after a 0.5% rise in the third quarter. Analysts had
forecast a 0.8% decline for the fourth quarter, according to a
consensus gathered by Vuma and based on seven analysts'
forecasts.
WPP said like-for-like net sales fell 1.6% including its
market-research unit Kantar.
For 2019 as a whole, like-for-like net sales fell 1.6%, or 1.2%
including Kantar. This compares with WPP's guidance of a decline of
between 1.5% and 2.0%.
The company said it expects an improvement in like-for-like net
sales over 2020. Analysts expected a 0.4% increase for 2020,
according to a Vuma-compiled consensus.
Pretax profit fell to 928.1 million pounds ($1.20 billion) from
GBP1.26 billion on revenue that grew to GBP13.23 billion from
GBP13.05 billion, WPP said. Net profit fell to GBP62.7 million, it
said.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
February 27, 2020 02:28 ET (07:28 GMT)
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