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Pretax profits zoom 68.1% at retailer Bonmarché in H1FY15
03 Dec '14
2 min read
In its interim results for the 26 week period ended 27 September 2014, women’s value retailer, Bonmarché said its pretax profits zoomed 68.1 per cent from the same period last fiscal year.
In the first half of 2014-15, Bonmarché reported profit before tax of £6.4 million, up 68.1 per cent from £3.8 million from the first half of 2013-14 and also a growth of 15 per cent on underlying basis.
Total revenue too rose in double digits by 11.8 per cent in the period under review to touch £91.1 million from £81.5 million and it achieved a store LFL sales growth of 7.8 per cent.
Pretax profit margin also went up to 7.0 per cent from 4.7 per cent in the corresponding period of last year.
Earnings per share were 9.9 pence in the reporting period as against 5.2 pence last year while on an underlying basis it was 8.7 pence.
Cash generation and cash equivalents at half year end of 2014-15 stood at £13.5 million compared to £11.3 million in the first half of 2013-14.
The retailer declared an interim dividend of 2.3 pence per share.
Bonmarché said it achieved good progress with continued developments in product, pricing and supply chain and was also able to achieve higher pricing due to range improvements.
It was also able to reduce entry prices in line with its ‘first price, right price’ strategy, while average selling price increased through stretching exit prices.
The women’s apparel retailer was also able to hike online sales to 7.2 per cent of total sales for the six months to September 27, 2014, up from 5.3 per cent from comparative period last year.
In the reporting period, Bonmarché refitted 11 stores and also expects to refurbish approximately 40 further stores in the next fiscal year.
CEO Beth Butterwick said, “Towards the end of the second quarter, trading conditions became more difficult due to the unseasonably warm weather, which has continued into the second half.”
“However, on the basis that the weather returns to its normal seasonal pattern, the board expects the current year’s performance to be in line with its original expectations,” she added. (AR)
In the first half of 2014-15, Bonmarché reported profit before tax of £6.4 million, up 68.1 per cent from £3.8 million from the first half of 2013-14 and also a growth of 15 per cent on underlying basis.
Total revenue too rose in double digits by 11.8 per cent in the period under review to touch £91.1 million from £81.5 million and it achieved a store LFL sales growth of 7.8 per cent.
Pretax profit margin also went up to 7.0 per cent from 4.7 per cent in the corresponding period of last year.
Earnings per share were 9.9 pence in the reporting period as against 5.2 pence last year while on an underlying basis it was 8.7 pence.
Cash generation and cash equivalents at half year end of 2014-15 stood at £13.5 million compared to £11.3 million in the first half of 2013-14.
The retailer declared an interim dividend of 2.3 pence per share.
Bonmarché said it achieved good progress with continued developments in product, pricing and supply chain and was also able to achieve higher pricing due to range improvements.
It was also able to reduce entry prices in line with its ‘first price, right price’ strategy, while average selling price increased through stretching exit prices.
The women’s apparel retailer was also able to hike online sales to 7.2 per cent of total sales for the six months to September 27, 2014, up from 5.3 per cent from comparative period last year.
In the reporting period, Bonmarché refitted 11 stores and also expects to refurbish approximately 40 further stores in the next fiscal year.
CEO Beth Butterwick said, “Towards the end of the second quarter, trading conditions became more difficult due to the unseasonably warm weather, which has continued into the second half.”
“However, on the basis that the weather returns to its normal seasonal pattern, the board expects the current year’s performance to be in line with its original expectations,” she added. (AR)
Fibre2fashion News Desk - India
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