Jacques Vert warns on FY profit
Women's fashion retailer Jacques Vert has warned that pre-tax profit for the year to end April 2012 will be below its expectations as margins and one off costs impact results.
Women's fashion retailer Jacques Vert has warned that pre-tax profit for the year to end April 2012 will be below its expectations as margins and one off costs impact results.
In the seven weeks since its AGM in September the special occasionwear retailer said it has continued to perform creditably, with a modest decline in sales over this period.
Sales for the first 29 weeks of this financial year are 0.8% ahead of last year while like for like sales are 0.3% lower than the previous year.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
However its performance has been hit by, "a combination of weaker consumer confidence and the un-seasonally warm weather, which has had a material effect on sales of outerwear, principally coats."
Margins have also come under pressure as it increases promotional activity to stimulate demand and keep stock levels under control.
The aim-traded group said it will take various one-off costs as it implements an up-grade to its IT systems and consolidates its warehouses into a single site.
While the new systems will deliver significant operational efficiencies and cost savings going forward it will also result in higher costs in this financial year compared to the previous year.
In September it noted an encouraging start to the new financial year, however, it also noted a recent weakening trend in sales and margin in line with the general retail market.
--
cj
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
How to achieve a secure retirement, as more retirees admit to struggling with debt
Twenty-six percent of retirees now have unsecured debt – a sharp rise compared to two years ago – with many underestimating how much a typical retirement costs
-
The key October self-assessment tax return deadlines to remember so you can avoid a shock bill
There are two important dates for self-assessment taxpayers to remember in October