Value retailer Bonmarché has lowered its full year profit expectations to between £10.5m and £12m for the year to the end of March 2016 amid a “very challenging” promotional market.
In November the firm said its expectations for the full year would remain unchanged if trading conditions normalised, however today the retailer said trading since Black Friday had been “volatile” and that was likely to continue for the remainder of the winter season.
The profit before tax expectation was £12.4m from Bonmarché’s house broker.
A statement from the company said: “The board’s view is that these trading conditions are likely to continue for the remainder of the winter season and it has therefore revised its profit expectations for the current financial year. Given the ongoing volatility of trading conditions, the Board considers it likely that the PBT will be within the range of £10.5m to £12m.”
Bonmarché chief executive Beth Butterwick, who was named Drapers’ Fashion Retailing Personality of the Year at the Drapers Awards 2015, announced today (December 16) she is to leave the retailer to head up Karen Millen.