NATIONAL: Womenswear group Noni B has downgraded its profit forecast for the 2009 financial year, following a poor fourth quarter performance.
The listed company expected an unaudited after-tax profit of between $1.9 and $2.2 million. This was down from the $2.5 million generated in 2008 after restructuring costs and trading losses for its failed La Voca business.
While federal government stimulus measures encouraged sales in the third quarter, tough conditions and industry-wide discounting saw a weak fourth quarter.
Sales for the current financial year stood at $116.2 million, down 3.6 per cent from the previous year.
Joint managing director David Kindl said positioned to benefit from any improvement in discretionary spending.
"We are continuing to pursue our strategy of broadening the appeal of our Noni B and Liz Jordan brands which are designed especially for 40+ women, and we intend to become the dominant fashion retailer in this market sector."
The company was expected to announce its audited full year results on August 19.