SYDNEY: Noni B has blamed low consumer confidence and poor weather as reasons for an expected profit drop in the first half of the current financial year.
The womenswear retailer reported it expects to achieve an after-tax profit in the range of $1.5 to $1.9 million for the six month period, compared to $3.6 million in the previous corresponding year.
The company reported that comparative store sales are estimated to be 2.5 per cent below the previous corresponding period. It also pointed to the recent interest rate rises as a cause for slow sales. It said margins have also been impacted by discounting in order to maintain sales volumes.
The company operates the Noni B and Liz Jordan stores nationally.