The S&P/ASX 200 Index (ASX: XJO) is fighting hard to carve out a small gain on Tuesday. In afternoon trade, the benchmark index is up 0.1% to 7,123.4 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
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ARB Corporation Ltd (ASX: ARB)
The ARB share price is down 4% to $32.24. Investors have been selling this 4×4 auto parts company's shares following the release of its FY 2023 results. ARB reported a 3.4% decline in sales to $671 million and a 27.5% reduction in net profit after tax to $89 million.
Coles Group Ltd (ASX: COL)
The Coles share price is down almost 6% to $16.23. This follows the release of the supermarket giant's FY 2023 results. Although Coles reported a 5.9% rise in revenue to $40.5 billion, higher costs weighed on its earnings and led to a small decline in profit after tax to $1.04 billion. Management also revealed that supermarket volumes have remained "modestly positive" so far in FY 2024.
Data#3 Limited (ASX: DTL)
The Data#3 share price is down 16.5% to $6.27. Investors have been selling this IT services and solutions company's shares despite it reporting a 22.4% increase in net profit after tax in FY 2023. However, as strong as this was on paper, it was actually short of expectations. Goldman Sachs commented: "DTL has reported a weaker-than-expected FY23 result, with revenue/GP/NPAT +1%/-3%/-12% vs GSe (NPAT -8% vs VA Consensus)."
Kogan.com Ltd (ASX: KGN)
The Kogan share price is down 10% to $5.14. This morning, this e-commerce company released its full-year results and revealed a loss after tax of $26 million. In addition, Kogan advised that it lost over 1 million active customers during FY 2023. Active customers fell from almost 4 million to 2.945 million over the 12 months.
