Three profit warnings in 14 months as a listed retailer is a pretty terrible start to life as a public company. That, however, is the position that Footasylum found itself in yesterday.
The branded footwear and fashion retailer that listed on Aim in November 2017 said that though its revenue had jumped by 14% to £102.3m in the 18 weeks to December 29, “significant discounting” meant that its adjusted earnings and gross margin (effectively the profit it makes on products) would be lower than expected.
It blamed tough trading, economic uncertainty and weakening consumer sentiment “which have led to some of the most difficult trading conditions seen in recent years”.
Click here for the full Times article (£)
