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Investing.com -- ITAB Shop Concept shares jumped 17% after the company reported third-quarter results that significantly exceeded analyst expectations.
The retail solutions provider posted sales, adjusted EBITDA, adjusted EBIT, and earnings per share that were approximately 4%, 22%, 43%, and 60% above forecasts, respectively.
Following the acquisition of HMY, pro forma sales came in around 4% higher than anticipated, while pro forma adjusted EBIT exceeded forecasts by 38%. Although pro forma net sales declined by 2% year-over-year, pro forma adjusted EBIT increased by 13% compared to the same period last year.
This marks a positive turnaround after two consecutive quarters of negative earnings growth on a year-over-year basis.
The company’s CEO highlighted that efforts to generate synergies related to purchasing, additional sales, and improved operational efficiency are delivering positive results.
Kepler analysts noted that after recent weak share price performance, they expected a strong positive market reaction, while also pointing out the stock’s low liquidity.
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