Walker Greenback (LON:WGB) shares took a tumble on Wednesday, after the luxury furnishings firm issued a profit warning.
Walker now expects full-year profits to be 10 percent below previous forecasts.
During the company’s interim results back in October, the company had said that order intake had been above last year and was accordingly, “on an improving trend” as the key autumn selling period fast approaches.
The company commented:
“Since that announcement, momentum in order intake has not been sustained and Brand sales in the UK, excluding Clarke & Clarke, have weakened significantly against management’s expectations.”
“Whilst the UK remains Walker Greenbank’s largest market, the board is focused on driving the company’s international business where brand sales are ahead of the same period last year,” the company continued, in a trading update statement on Wednesday.
The Company is set to will a further update in its full-year trading results, which is expected to be reported in early February of next year.
The Company’s portfolio of wallpaper and fabric brands include Sanderson, Morris & Co, Harlequin, Zoffany, Scion and Anthology.
The luxury wallpaper company employs in excess of 600 people, predominately in the UK. In addition, it has showrooms in London, New York, Paris and Dubai alongside partnership showrooms in both Moscow and in Shenzhen.
Shares in Walker Greenback have taken a substantial hit amid the warning, down 27.18 percent as of 2.15PM (GMT).