API CEO issues warning as profits dip

Retailers who don’t adapt to market conditions will face consequences, says Richard Vincent

Priceline’s parent company, Australian Pharmaceutical Industries (API), expects a drop in net profit for the first half of the financial year following a sluggish Christmas trading period.

Priceline

Net profit after tax for the first six months of 2019/20 would be lower than the previous corresponding period, CEO and managing director Richard Vincent told the company’s annual general meeting.

“Unless retailers adapt their ingrained promotional and purchasing habits, there will be significant consequences, and we are clearly focused on that,”

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