Why is CXP down this morning on the below announcement?. This company is known for exceeding growth expectations, I would have thought a surge in share price is warranted. Opinions welcome!!!
mycall101 have held this stock long term.
Corporate Express says it will exceed 15-20% growth in H1 May 21, 2002 Office products supplier Corporate Express Australia (CXP) said today it was on track to exceed its target growth of 15-20% in the first half of 2002.
“The company remains comfortable with its target of 15-20% earnings growth for 2002 and is on track to exceed that objective in the first half of the year," Corporate Express managing director Theodore Nark said
“Our management team is focused on consistent improvement in our service offering to our customers and continued strong growth in both revenues and profitability.”
Mr Nark said the company was continuing to invest in logistics infrastructure.
“Upgraded warehouse automation systems are scheduled to be implemented in NSW and Victoria early in the fourth quarter of this year," Mr Nark said.
“They are designed to further improve the quality of the service we offer our customers, and will significantly increase the productivity of our distribution centres.”
“This will result in reduced operating costs in 2003 and beyond.”
Mr Nark also said the company was committed to further enhancement of its information technology and logistics systems.
“We will be launching the third generation of our proprietary internet ordering system, NetXpress, in the third quarter of this year,” he said.
“We are pleased to report that in the first quarter of this year, for the first time in our history, over 50% of the orders we received were placed via e-commerce.”
CXP Price at posting:
0.0¢ Sentiment: None Disclosure: Held
