After a bleak month of November, New Wave Group, the parent of Craft, has revised its forecast for the fiscal year. It previously had expected sales and income higher than last year’s, but its decline in November was so significant that it is now predicting a profit less than in 2007. November typically is the biggest sales and profit month for the group. Because of the new guidance, the company has revised its bank covenants for a credit line of 3.2 billion Swedish kroner (€290.9m-$419.0m).
