NATIONAL: Australian womenswear retailer Noni B has recorded its "most difficult and disappointing" year since becoming a publicly listed company in 2000. The chain retailer recorded a net profit of $2.54 million for the year ended June 30, down 69.3 per cent from the same period last year. The fall comes just months after Noni B announced the discontinuation of its La Voca concept stores, a move which saw the company suffer $2 million of trading losses.
Other factors believed to have affected the group's financial performance include $2.5 million in restructuring costs and a slide in consumer spending.
Joint managers James and David Kindl offered a conservative estimate of net profits for the 2008/09 financial year of between $6.5 million and $7.5 million.
"This has been the most difficult and disappointing year since Noni B listed on the ASX in 2000," they said in a joint statement.