Bonmarche shares bomb after news of sales slump
Sharesinbonmarchetumbled after the women’s discount retailer reported a slump in Christmas sales.
A trading update covering the 13 weeks ending 30 December revealed that the retailer suffered a 9.7 per cent fall in store like-for-like sales, with total sales sliding 5.5 per cent.
Chief executive Helen Connolly said: “The clothing market became more challenging during this quarter, especially on the high street; consequently our store like-for-like was disappointing.”
The group warned that there “remains uncertainty” around how trading conditions will evolve this year, adding that the weather represents the most significant uncertainty due to its effect on “consumer shopping behaviour”.
Retailers have also been hammered by spiralling costs linked to the Brexit-hit pound and a downturn in consumer confidence, leading several high street chains to warn over profits. However, Bonmarche was more upbeat about its online performance.