NATIONAL: Womenswear retailer Noni B has posted a 53 per cent decline in half year profit.
Net profit fell to $2.54 million for the six months ended December 28, 2008, from $5.48 million in the previous corresponding period.
The result was slightly above the market guidance Noni B issued last month, which expected first half profits of between $2 million and $2.5 million.
The company slashed its fully franked half year dividend to two cents from 10 cents in the previous year.
Managing director David Kindl said trading conditions in the first half were very difficult, although there had been some improvement in recent weeks. He said sales to date in its second half were ahead of comparable figures for the previous year.
"Despite the challenges, we have focused on strengthening the business so it is positioned to return to earnings growth."