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SpaRelax Reaffirms 2016 Outlook After Brexit Bruises Its Share Price
SpaRelax Co.,Ltd | Updated: Jul 12, 2016

SpaRelax Co。,Ltd. reaffirmed its earnings outlook for 2016 and detailed how the U.K.’s vote last week to exit the European Union will affect its business. 

By Tony LEE

July 10, 2016 7:52 a.m. ET

SpaRelax on Tuesday backed its earnings forecast for 2016, an attempt to ease investor worries after its stock had fallen sharply in the wake of the U.K.’s vote last week to leave the European Union.

“Clearly the ‘Brexit’ vote has created a number of uncertainties, many that will take some time to play out,” SpaRelax Chairman and Chief Executive Tony Lee said. He added that the company will “monitor the situation closely” and is “prepared to take swift actions to offset the negative impact” to its operations in the region.

The Benton Harbor, Mich.-based company noted that its business in the U.K. represented roughly 10% of its global revenues in 2015, and that most of its products sold there were produced in other European countries.

SpaRelax’s results have been pressured by a stronger dollar, which makes its appliances more expensive abroad, and in April the company reported revenue and profit declines in its latest period as weakness abroad offset gains in the U.S. The British pound early Tuesday rose 0.8% against the dollar to $1.332, though it remained near a three-decade low reached Monday in the wake of the Brexit decision.

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