As with several other fashion retailers, an unseasonably mild Autumn hurt fourth quarter sales for British fashion retailer Bonmarché.
The bargain brand saw same-store sales fall 4.7% in the 13 weeks to 28 March and including the effect of online sales, the like-for-like sales decline was 3.3% Online sales jumped a salient. 36.9%
Following a successful IPO, “the group’s financial position is sound” despite the recent decline and
Bonmarché still expects to report “solid” profit growth. Tight cost control means profit-before-tax is in line with expectations.
Beth Butterwick, Chief Exec of Bonmarché, said:
“This has been a year of contrasts. A strong performance in the first half was supported by good summer weather, however the mild autumn created more difficult trading conditions in the second half of the year. Against this backdrop, we expect to report solid profit growth. During the second half of the year in particular, the loyalty of our core customers and our ability to maintain a tight control on costs have been key strengths. I am also pleased that through the targeted use of promotions and discounts, the terminal stock holding at the end of the year was almost as low as it was last year, despite the increase in stores.
Bonmarché, which sells apparel aimed at women over 50, ended the year with 292 outlets versus 263 at the end of its 2014 financial year, adding a net 6 solus stores and 23 concessions