WELLINGTON, New Zealand--Infant formula marketing company a2 Milk Ltd. lowered its annual earnings forecast for the fourth time since September as the pandemic continues to crush sales via Chinese surrogate shoppers.
The company also said the chief executive of its Asia-Pacific business has resigned and it has started a comprehensive review of its business, in particular its opaque daigou--surrogate shopping--sales.
A2 Milk said it expects an underlying profit margin of 11% to 12% for its 2021 fiscal year, down from the 24%-26% it forecast at its third earnings downgrade on Feb. 25.
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(END) Dow Jones Newswires