"We continued to outperform in the UK with sales growth of 14 per cent. Sales in Europe were up 12 per cent, although France and Germany, our two largest markets, continue to be challenging," Nick Beighton, CEO, said.
"Our US performance was behind our plans during the period. As our Atlanta warehouse went fully online, demand far exceeded our expectations. Whilst very encouraging for the longer term, this caused a significant short-term despatch back log which we have now cleared. These delayed shipments will be recognised in P3 and US trading is now regaining momentum. Our ROW segment returned to good growth of 20 per cent after a disappointing Q1," explained Beighton.
The company expects sales growth at around 15 per cent and EBIT margin at approximately 2 per cent during fiscal 2019.
"Our retail gross margin guidance for the year remains. We will be increasing investment in price and marketing in the second half, particularly in France and Germany. Given the actions we are taking together with an improving US performance, we believe the group will deliver stronger growth in the second half. Consequently, we remain confident that we will meet guidance for the full year,” Beighton concluded. (RR)
Fibre2Fashion News Desk – India
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