Pet care group Greencross loses market share

Greencross Limited, the leading Australian pet requisites retailer operating under the Petbarn logo in Australia and Animates brand in New Zealand, recently lost market share after the pet care company announced a profit downgrade and a cost-cutting campaign.
Shares slid by 20 per cent to 4.25 dollars. The company also expects to take account of non-cash impairments amounting to between 16 and 20 million dollars.
Simon Hickey, who assumed the post of CEO in March, announced a review of operating costs with targeted cuts of between 10 and 13 million dollars.