Bonmarche Christmas sales drop; guidance reiterated

Women’s value retailer Bonmarche posted a drop in sales over Christmas but reiterated its guidance for the year.

The company posted a 0.8% drop in like-for-like sales for the 13 weeks to 26 December. In the five weeks to the end of December, LFL sales were down 2.7%. This compared to a 5.4% increase in LFL sales in the second quarter.

Bonmarche had revised its profit expectations for the current financial year at the end of 2015, pointing to very challenging trading conditions in November and December.

Chief executive Beth Butterwick said: “In the short period since Christmas, demand has trended towards more normal levels. The board's view of the expected outcome for the year is unchanged and it therefore reiterates its expectation that the pre-tax profit will be within the range of £10.5m to £12.0m."

At 0930 GMT, Bonmarche shares were up 3.6% to 181.75p.