8 Apr 2016 07:00
8 April 2016 Bonmarché Holdings plc
("Bonmarché" or the "Company" or "Group")
Trading Statement and Board Changes
Bonmarché, one of the UK`s largest women`s value retailers, presents its trading statement for the 13 and 52 week periods ended Saturday 26 March 2016.
Total sales increased by 5.3% for the year ended 26 March 2016. LFL sales increased by 0.7%, 1.0% including online. For the 13 weeks ended 26 March 2016, total sales grew by 5.2%. LFL sales increased by 0.4%, 0.5% including online. The comparable figures for the fourth quarter of the previous financial year were (4.7%) for LFL stores only, and (3.3%) for LFL stores plus online. We summarise the figures in the table below:
Store only LFL % change | Online only % change | LFL stores + online % change | Total sales % change | |||
Q413 weeks ended 26 March 2016 | 0.4% | 1.9% | 0.5% | 5.2% | ||
Year-to-date52 weeks ended 26 March 2016 | 0.7% | 3.6% | 1.0% | 5.3% | ||
At 26 March 2016, Bonmarché traded from 312 stores/concessions (28 March 2015: 292).
FY16 expectations:
The Board expects that the PBT for the year ended 26 March 2016 will be at the lower end of the guidance outlined in the trading update issued on 16 December 2015. The Group`s financial position remains sound.
The results for the year ended 26 March 2016 will be released on 10 June 2016.
Beth Butterwick, Chief Executive Officer of Bonmarche said:
"Post-Christmas, trading conditions have continued to be quite challenging, with the exception of January where we saw a higher than average demand for autumn/winter sale stock. Although helpful in clearing these ranges, the continued colder weather has been unhelpful in kick-starting real demand for spring products.
Overall, consumer confidence does not appear buoyant and, given that context, I believe that the provisional results represent a creditable performance. Our financial position continues to remain healthy and our final autumn/winter terminal stock position has ended better than expected, and lower than last year. Our expectation is that trading conditions will remain challenging, and therefore our outlook for the FY17 result is cautious."
Board Changes:
The Board is pleased to announce the appointment of Mark McClennon as an independent Non-executive director with immediate effect. He will serve on the Audit, Remuneration and Nomination Committees.
Mark is currently Global Vice President for IT at Unilever plc, leading IT in relation to the growth agenda for Unilever globally, across marketing, e Commerce, R&D and sustainability. He joined Unilever in 1993, and has held a variety of senior roles across the business.
John Coleman, Chairman commented "I am delighted with Mark`s appointment. His experience gained over more than twenty years within Unilever will bring to the Board skills and knowledge which will be especially valuable given the developing business change agenda within Bonmarché's strategy."
The Board is also pleased to announce the appointment of Sergei Spiridonov as a non-independent Non-executive director. He is the nominee of the Company`s majority shareholder, BM Holdings Sàrl ("BM Holdings"), an affiliate of Sun Capital Partners, Inc. ("Sun Capital") and he replaces BM Holdings' current nominee, Michael Kalb with immediate effect. Michael will become BM Holdings` board observer as provided for under the Relationship Agreement between BM Holdings and the Company.
Sergei is currently a Group Chief Operating Officer of Sun European Partners, LLP ("Sun European"), the European adviser to Sun Capital. Prior to joining Sun European he led the strategic transformation team at Tesco plc and before that he was a Partner with McKinsey and Company where he worked with a wide range of consumer and retail businesses.
John Coleman commented "I would like to welcome Sergei to the Board. His knowledge and background, particularly in the consumer space, will be valuable going forward and we look forward to continuing our good relationship with our majority shareholder. I would like to take this opportunity to express my thanks to Michael Kalb for his contribution over the past 12 months."
There is nothing further to disclose in relation to the appointments of Mark McClennon and Sergei Spiridonov under LR 9.6.13(1) of the Listing Rules.
For further information regarding Bonmarché, please call:
Bonmarché Holdings plc c/o FTI Beth Butterwick, Chief Executive Stephen Alldridge, Finance Director
| +44 (0)20 3727 1000 |
FTI Consulting - Communications adviser Jonathon Brill, Josephine Corbett, Georgina Goodhew
| +44 (0)20 3727 1109 |
Notes to Editors:
Bonmarché is one of the UK's largest women's value retailers, focused on selling stylish, affordable, premium quality clothing and accessories in a wide range of sizes, via its own store portfolio, website, mail order catalogues and through the Ideal World TV shopping channel. Established in 1982, Bonmarché has more than 30 years of experience in this growing market segment, operating across the UK.