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Australia's food stores forced to close by Queensland floods

01-18-2011 15:51 BJT

SYDNEY, Jan. 18 (Xinhua) -- Australia's Retail Food Group (RFG) said in a statement on Tuesday that 108 outlets had closed due to the floods in Queensland and some of them may not reopen, others may close subsequently.

"The immediate future of each of these outlets is presently the subject of further assessment," said RFG in its statement.

"In certain instances, it may well be determined that rectification works in order to facilitate recommencement of trade will be uneconomical," it said.

RFG, which owns chains including Brumby's bakeries, Donut King and Michel's Patisseries, said it was too early to provide guidance on the financial impact of the floods overall, but it was "evident that there will be a consequential adverse impact on RFG revenues in the short to medium term".

That would lead to lower full year net profit in 2010/11, than would otherwise have been anticipated, the company said.

At a corporate level, RFG anticipates the loss of franchise service fee and other revenue in the immediate and medium term as a consequence of the floods and their affect on the Company's franchise networks," the company said in its statement.

RFG chief executive officer, Tony Alford, said he expected the floods would continue to disrupt normal trading.

"This may have long term adverse affects for those franchisees concerned," Alford said.

Editor:Yang Jie |Source: Xinhua

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