Value clothing retailer Bonmarché (LON:BON) saw shares rise on Friday, despite weak full year figures and “poor” online sales in the run-up to Christmas.
Sales increased by 3.3 percent in the 13 weeks to December, with like-for-like store sales up 0.8 percent on the same period last year.
However, sales for the 39 weeks prior to Christmas fell 1.3 percent, with store like-for-like sales decreasing by 5.3 percent.
Helen Connolly, Chief Executive Officer of Bonmarché, attributed the fall in sales “poor” online performance, will will “remain a key area of focus” for the company. She added:
“Given the backdrop of the current trading environment, our third quarter store sales were satisfactory, particularly in light of the business still being in the early stages of its turnaround.”
Bonmarche took a less promotional approach which, despite causing a fall in sales, resulted in a stronger gross margin performance. Product gross margin in the quarter was 2.2 percent higher than in last year’s corresponding period.
Connolly added: “In particular, and for the first time in several years, the winter sale began in earnest on Boxing Day, rather than before Christmas.
“There remains a degree of uncertainty as to trading conditions as we enter our final quarter. Nevertheless, at the end of the third quarter, the Board’s view of the likely outcome for the full year remains in line with previous expectations.”
Bonmarche shares are currently up 6.33 percent at 84.00 (0957GMT).