October 17, 2019 / 4:28 PM / a month ago

Renault warns 2019 sales drop will be steeper than expected

PARIS, Oct 17 (Reuters) - Renault on Thursday further cut its sales guidance for 2019, after warning in July that revenue may decline this year, and the French carmaker also lowered its forecast for profitability, citing an unfavourable economic environment.

The company said it was re-assessing its mid-term goals that were part of a 2017-2022 strategic plan too.

In a surprise earlier-than-expected third-quarter update, Renault said sales in the period had fallen 1.6% to 11.3 billion euros ($12.6 billion), down 1.4% at constant exchange rates and without the effect of acquisitions or sales.

Group revenues were now likely to drop between 3% and 4% for the full year, Renault said. ($1 = 0.8991 euros) (Reporting by Sarah White Editing by GV De Clercq)

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