Footasylum tumbles after alert over earnings

0 The online and high street retailer is still looking to increase its store footprint to 150 in the UK

Shares in Footasylum suffered a pounding yesterday after the premium sports retailer warned over full-year profits and sales.

The company said its revenue growth and earnings will come in “significantly lower than previous guidance”.

It now expects to bring in less than half of the £12.5 million it booked in earnings last year. It blamed a “challenging” August and warned there is “no sign of a recovery in the short-term on the high street”.

The group said in a state-

ment: “Trading since the beginning of the current financial year has been impacted by weak consumer sentiment on the high street.

“Store performance during July and August was more challenging which, in the context of there being no sign of a recovery in the short-term on the high street, has led the board to reassess its overall expectations for the balance of full-year 2019.”

The firm is looking to grow its chain from 65 stores currently to around 150 in the UK.