16th Dec 2015 08:17
LONDON (Alliance News) - Bonmarche Holdings PLC on Wednesday said it expects to report a fall in pretax profit for its current financial year and said its chief executive is off to lead fashion chain Karen Millen.
Bonmarche said trading conditions have been "very challenging" in December, particularly since the Black Friday sales on November 27.
"The board's view is that these trading conditions are likely to continue for the remainder of the winter season and it has therefore revised its profit expectations for the current financial year," Bonmarche said.
The company now expects pretax profit in the range of GBP10.5 million and GBP12.0 million in the year ending March 28, 2016, compared with the GBP12.4 million pretax profit reported for the corresponding period the prior year.
Beth Butterwick is leaving after four years as the chief executive of Bonmarche, which sells affordable women's clothing and accessories.
"On behalf of the board, and all our colleagues at Bonmarche, we thank Beth for her exceptional contribution over the past four years. She has led the business through a transformative period, through the acquisition by an affiliate of Sun Capital Partners in 2012, the IPO on AIM in 2013, and most recently the company's transition to the London Stock Exchange's Main Market as one of the UK's largest women's value retailers," Bonmarche Chairman John Coleman said.
Butterwick will remain with Bonmarche until her successor is appointed to aid a "smooth transition".
Bonmarche said it is conducting a "comprehensive search" for its next chief executive.
Karen Millen had been left without a chief executive when Mike Shearwood quit in September after he was unable to win the support he needed for a management buyout of the business.
Shares in Bonmarche were down 26% at 221.00 pence on Wednesday morning.
By Samuel Agini; [email protected]; @samuelagini
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