Home Business News Bonmarche shares crash after fresh profit warning

Bonmarche shares crash after fresh profit warning

by Purvai Dua
13th Dec 18 11:23 am

Bonmarche shares almost halved in trading today after the women’s fashion chain issued fresh profit warning blaming Brexit uncertainty and poor sales during Black Friday.

Bonmarche, which predominantly sells blouses, shirts, jeans and skirts at affordable prices to women aged over 50 also indicated it was open to cutting or scrapping its dividend payout as it tries to save cash in the face of possible losses.

Its full-year expectations range between breaking even and a loss of 4 million pounds, a reversal from a prior forecast of 5.5 million pounds in profits.

“The current trading conditions are unprecedented in our experience and are significantly worse even than during the recession of 2008/9,” Chief Executive Helen Connolly said in a statement.

“Sales during the Black Friday week were extremely poor, particularly in the retail stores, suggesting that consumer behaviour is not following last year’s pattern, nor the pattern of any year we have experienced previously,” the company added.

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