Character likely to miss full year expectations

published 27 July 2012

Shares in Character Group, a toys and games company, fell more than 11 per cent on Friday after admitting that it is looking increasingly unlikley that the group will not be able to achieve its forecasts for the year ended August 31st.

The troubled firm said it saw an increase in the volume of clearance sales, a reduction in normal margin sales and some retailers delaying normal stock intake, the result of the Jubilee celebrations, the Euro 2012 Championship, the abnormally bad UK weather, the deepening Eurozone crisis and the on-going impact of the 2012 Olympics.

"However, the board believes that the group's current product portfolio as a whole, together with its new scheduled introductions, will lead to a satisfactory outcome for the 2012 Autumn/Christmas selling season and provide a good start for the new financial year commencing September 1st," the group said.