UK: Alexon shares dive on profit warning
Shares in women's fashion retailer Alexon have dived this morning on the news that full-year profits are set to be "well below" expectations, as sales slumped during August.
The company, which owns the Kaliko and Ann Harvey brands, today (5 September) attributed the profit downgrade to a 9% same-store sales decline over the first three weeks of August.
The company also said it was considering a sale of the business as one of a number of options to restructure the struggling firm. It confirmed it is in discussions with "more than one party" although no firm offer has been made yet.
The company's interim management statement on 7 July said first-half like-for-like sales were slightly positive at 0.7%, despite overall sales falling 8%, as the company continued to slow its store opening programme to conserve cash.
Shares in the company were down 35.7% to 4.5p a share at 10:32 BST today. It plans to announce its interim results on 30 September.
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