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Flying Brands Trading update
Archived article dated Wednesday January 21st 2009
Lower than anticipated margins for the Jersey based home shopping group revealed in today's trading statement for the final quarter of the company's 2008 financial year.
For the 14 weeks to 2 January 2009, like for like sales for the last quarter of 2008, excluding those attributable to Greetings Direct, were flat compared with those for the last quarter of 2007. Flying Flowers' sales were 0.6% up against the comparable period and the company's other brands were collectively 1.2% down.
The Flying Flowers margin was, however, lower than anticipated. This was mainly due to Flying Flowers customers switching to products with a lower gross profit margin, together with higher than expected product and despatch costs. The likely impact is that 2008 profit expectations for the Group, excluding Greetings Direct, will be reduced by approximately £0.5m, to approximately £1.4m. The other Brands and overhead costs were collectively in line with expectations.
The full year results will be announced on 13 March 2009.
Tagged as: flying brands
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