Bonmarche increases full year profit despite ‘difficult’ market
Women’s fashion retailer Bonmarché has seen its underlying pre-tax profit rise by 27% to £8 million in the year to 31 March.
Although total revenue declined to £186 million from £190.1 million in the previous year, the retailer’s gross margin percentage was resilient despite adverse FX movement.
Online sales were up 34.5% but in-store like-for-likes were down 4.5% in the period.
Helen Connolly, chief executive of Bonmarché, said: “Against the backdrop of challenging trading conditions, I am pleased that we have delivered an increase in profit before tax compared to last year.
“We have made good progress in all areas, particularly online, where we have seen strong growth, whilst also making improvements through a number of other self-help initiatives including the product proposition, the loyalty scheme, and developing a more agile supply base.”
Looking at current trading, Bonmarché said it has been in line with expectations since the beginning of the new financial year although it expects its market to remain difficult.
Connolly added: “We have a clear strategy in place to continue to improve our proposition, which we expect to do during FY19 and beyond. We remain confident that with its unique offering, aimed at fashion and value conscious women, Bonmarché is well positioned for future growth.”
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