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Investing.com -- Shares in Mavi Giyim (IS:MAVI) dropped about 5% on Thursday after the Turkey-based clothing retailer reported second-quarter profits that fell short of market expectations and cut its full-year guidance.
The company posted a net profit of 231.1 million lira ($5.59 million) for the quarter, representing a significant decline from 683.1 million lira in the same period last year.
The result came in well below analyst expectations of 568 million lira, according to consensus figures cited by brokerage Deniz Yatirim.
Deniz Yatirim described the earnings report as a negative development, pointing to declines in both revenue and EBITDA alongside the profit shortfall.
The disappointing quarterly performance prompted Mavi Giyim to reduce its full-year guidance, further pressuring the stock price.
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