SYDNEY: One of Australia's largest womenswear retailers Noni B is expecting a $2 million decline in after-tax profit for the 2008 financial year.
The Sydney-based fashion group, which owns and operates the Noni B, Liz Jordan and La Voca Brands, advised it expected a profit between $6 to $6.7 million for the year ended 20 June 2008. Although total sales are currently ahead of the same period last year, the group posted a $8.3 million profit in fiscal 2007.
Noni B advised its first half performance had already been affected by a decline in consumer confidence, with interest rate rises and financial market instability as key culprits. In spite of this, the group will continue to invest in future growth and an additional seven stores are expected to open by December 2008. This would bring its total number of stores to 227.
Noni B's results for the 2008 financial year will be announced on August 20.