BUZZ-Australia's Brambles sees worst day in nearly 2 years on subdued quarter

Reuters04-23

** Shares of Brambles slump as much as 6.7% to A$14.59 in early trade, set for their worst day since May 17, 2022 - if current trend holds

** Stock among top losers on benchmark ASX 200 , as at 0020 GMT

** The logistics firm says third-quarter group volumes declined due to a fall in like-for-like volumes on the back of inventory optimisation across Europe and North America

** Co says inventory optimisation continued to weigh on demand from existing customers during the third quarter, which continued to from trend observed in H1

** Adds co sees full year overall volumes to be flat as compared to the previous year; reiterates FY sales revenue growth guidance of between 6%-8%

** The company reported a 7% increase in sales revenue from cont ops to US$4.87 billion for nine-months, on a constant currency basis

** Stock has risen ~14.9% this year as of last close

(Reporting by Archishma Iyer)

((Archishma.Iyer@thomsonreuters.com;))

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