Slimma H1 profit slumps as challenges persist

UK: Slimma H1 profit slumps as challenges persist

By just-style.com | 3 June 2009

Women's wear firm Slimma Plc today (3 June) posted a sharp drop in first-half profit and sales and said it expects the next six months to be even more challenging.

The company, whose brands include Frank Usher, Dusk, Coterie, Splendour and Beau Bra, said pre-tax profit fell to GBP2,000 (US$3,288) from GBP44,000 last year, while operating profit tumbled to GBP62,000 from GBP177,000.

Sales for 26 weeks to 3 April fell 14% to GBP6.99m from GBP8.13m last time.

Non-executive chairman, Carolyn Simons said the results reflect the "continuing challenges of the current economic downturn."

But she said the company will continue to shift its focus towards the design, marketing and wholesale of high value, high margin branded products.

The firm is also in the process of closing its contract design and manufacturing business, which services mail order and high street customers.

Sectors: Apparel, Finance, Manufacturing, Retail

Companies: Slimma