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Fashion retailer Bonmarché Holdings shares gain as it sees full year results in line with expectations

Bonmarché has reported a drop in full year sales but saw an improvement in the last quarter as the company takes action to address a challenging clothing market

Bonmarché expects the clothing market will remain challenging in the coming financial year

Fashion retailer Bonmarché Holdings plc (LON:BON) said it expects pre-tax profit before exceptional items to be slightly above the mid-point of its guidance range of £5.0mln to £7.0mln.

Shares gained 3.07% to 77.30p in early trading.

The women’s clothing supplier said total sales for the year to 1 April 2017 fell 0.5% with store like-for-like sales down 4.3% and online sales up 2.2%.

However, in last 14 weeks of the fiscal year, the company achieved a 2.7% increase in sales on the back of improvements in February and March.  Store like-for-like sales during the period dropped 0.5% and online sales grew 15.2%.

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"As anticipated, trading conditions post-Christmas continued to be challenging, but this was accounted for when we issued the revised profit guidance last September, and therefore the final result for the year is in line with our expectations,” said chief executive Helen Connolly.

“Store like-for like sales were negative in January but stronger during February and March, and we also saw the resumption of growth in online sales following improvements made to our online offering.”

Connolly said the group sees the apparel market remaining challenging in the coming financial year but is taking measures to improve its proposition to customers, allowing it to deliver growth. 

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