Womenswear chain Noni B has confirmed a drop in after-tax profit for the first half of fiscal year 2013, in the face of a shaky retail climate.
The brand, which currently operates 219 stores nationally, revealed an after-tax profit of $1.9 million for the first half of the 2013 financial year.
The figures represent a significant slide in profit, compared to the $2.4 million the company reported for the previous corresponding period.
Despite the drop, the figures are at the higher end of guidance provided last month, where the company expected an estimated result of between $1.7 million and $1.9 million.
Revenue was $64.3 million, compared with $64.1 million for the first half of fiscal year 2012.
Commenting on the results, joint managing director David Kindl said the company would push on through the tough trading conditions.
“The women's fashion market remains challenging, and we continue to manage the business as efficiently as possible, without compromising the service and quality that will provide long-term growth. We maintain a conservative approach to inventory levels and the company's strong balance sheet and cash position,” he said.
“We are continuing to focus on the profitability of each store. Second half revenue will include contributions by new stores that give us access to new customers in Perth, Melbourne, Sydney and Brisbane. Lease renewals continue to depend on negotiating satisfactory commercial terms, and in many cases we are achieving rent reductions.”
The results also incorporate Noni B's sister brand, Liz Jordan.