The Retail Food Group Limited (ASX: RFG) share price has slumped by 5.22%, down to 64 cents this morning after earlier hitting a 52-week low of 63 cents.
This fall comes after the troubled Donut King and Gloria Jean’s owner was today removed from the ASX 200 index.
On Tuesday, RFG again downgraded its underlying profit forecast by 54%, saying it now expects to book a loss of approximately $87.6 million for FY18.
The company said in its forecast update that trading performance has continued to be impacted by a combination of previously noted persistent difficult retail market conditions, the cumulative impact of planned domestic outlet closures, and ongoing negative sentiment
regarding both retail franchising and RFG in particular.
RFG’s fall off the ASX 200 index has come after a disappointing year for the franchise operator, with its shares falling 87.3% in the last 12 months.
Other companies dumped from the ASX 200 in today’s June quarterly rebalance were information management services company Iron Mountain Incorporated, known on Google Finance as IRN MTN/IDR UNRESTR (ASX: INM) and personal care and hygeine company Asaleo Care Ltd (ASX: AHY).
Companies added to the index today included tech companies Afterpay Touch Group Ltd (ASX: APT) and Appen Ltd (ASX: APX) and poultry producer Inghams Group Ltd (ASX: ING).