14th Jun 2019 12:12
(Alliance News) - Walker Greenbank PLC said Friday at its annual general meeting in London, that trading for its financial year to date was in line with management expectations.
The interior furnishings group said that it is currently looking at its business as part of an ongoing strategy review led by Chief Executive Officer Lisa Montague. The review findings are scheduled to be announced this autumn.
In the UK, which represents 52% of brand sales, market conditions have remained challenging even as the sales trend has seen improvement., Walker Greenbank said.
Meanwhile, brand sales in International markets for the first 18 weeks of the year ending January 31, 2020 are ahead on a like-for-like basis compared to the same period the year before.
However, US sales saw a small decline due to the deterioration in Clarke & Clarke's sales. Walker Greenbank said it has plans to return the brand to growth in the second half of the year.
Licensing income for the year to date is in line with management expectations, and for the annual period, licensing income excluding apparel contracts is expected to show progress over the prior year.
"We are focusing on revenue-generating and cost-saving initiatives to mitigate current trading conditions and are on track to deliver anticipated savings in the current financial year and beyond. We look forward to providing further details on trading for the six months to July 31, 2019 in our half year trading update in early August 2019," said Chair Dianne Thompson.
Shares in Walker Greenbank were up 0.3% at 76.75 pence on Friday.
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