Womenswear retailer Jacques Vert revealed a 0.8% fall in like-for-likes for the 22 weeks since the beginning of April, but expects increased pre-tax profits for the full year.
The retailer, which owns brands Jacques Vert, Windsmoor, Planet and Precis, said that stronger full-price sell-through and improved margins meant full-year results are anticipated to beat market expectations.
Chairman Steve Bodger said: “We have also been encouraged by initial customer reaction to the new autumn 2009 collections. This provides some confidence in the development of our product.”
However, he warned: “We continue to be mindful of the highly uncertain consumer outlook and will continue to manage costs closely.”
Numis changed its recommendation from add to buy and said: “With the business now trading on a paltry 1.5 times EBITDA, we see exceptional value.”