WPP 3Q Like-for-Like Net Sales Rose, Backs 2019 Guidance
October 25 2019 - 2:54AM
Dow Jones News
By Adria Calatayud
WPP PLC (WPP.LN) said Friday that like-for-like net sales rose
0.5% in the third quarter, and backed its guidance for the full
year.
The world's largest advertising group said like-for-like net
sales--a closely-watched measurement of its underlying
performance--in North America fell 3.5% for the quarter to Sept.
30. Consensus net sales forecast was for a fall of 0.6%, supplied
by the company.
London-based WPP, which owns agencies such as Grey, Ogilvy and
GroupM, generated revenue of 3.29 billion pounds ($4.24 billion)
for the quarter compared with GBP3.13 billion for the year-earlier
period.
WPP reiterated its guidance for 2019. It continues to expect
like-for-like net sales to fall by 1.5% to 2.0%, and headline
operating margin to net sales to fall around 1.0 margin point on a
constant-currency basis.
"Our growth in 3Q is encouraging but we are focused on
delivering these longer-term goals and know there will be twists
and turns along the way. Our guidance for 2019 remains unchanged,"
Chief Executive Mark Read said.
WPP's third-quarter net sales performance improved compared with
a 1.4% decline in the previous three-month period, after French
peer Publicis Groupe SA (PUB.FR) cut its 2019 guidance and fell
short of analysts' expectations for the third quarter earlier this
month.
Write to Adria Calatayud at
adria.calatayudvaello@dowjones.com
(END) Dow Jones Newswires
October 25, 2019 02:39 ET (06:39 GMT)
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