 reported a 40 percent fall in adjusted pretax profit on Monday, in line with the company's previous guidance.){kind=link}
Women’s clothing brand Bonmarche (LON:BON) reported a 40 percent fall in adjusted pretax profit on Monday, in line with the company’s previous guidance.
Profit before tax fell to £5.8 million, down from £9.6 million the year before. Like-for-like sales were down 4.3 percent to £192.5 million, despite revenue pushing up by 1.1 percent driven by online traffic.
Aadjusted pretax profit, which strips out exceptional and other one-off items, for the 53 weeks ended April 1st stood at £6.3 million. The fall in profits was in line with Bonmarche’s expectations, with the group giving a guidance of between £5.0 million to £7.0 million range back in April.
Helen Connolly, Chief Executive of Bonmarche, said the group remains “well placed to serve the 50 plus women’s value clothing market.”
“A combination of internal and external factors over the past year prevented us from improving at the rate we had aimed for. However, we believe that the business is now well positioned, with a compelling proposition and robust plan.
“As outlined previously, it is clear that the direction of travel is broadly right, albeit the effectiveness of execution needs to improve. Our update today provides further detail on the areas where we see the greatest opportunities and how we are already beginning to address these.”
Shares in Bonmarche are trading steady, down 0.40 percent at 96.10 by 0917GMT.