AIM-listed womenswear retailer Jacques Vert managed a 3.1% increase in full-year pre-tax profits to £5.3m despite turbulent trading conditions.
Jacques Vert, which owns the Planet brand, reported sales up 2.6% to £118.4m in the year to April 30. In the first nine weeks of the new year like-for-likes improved 1.7%.
Chairman Steve Bodger sounded a cautious note about the current year but said: “Our brands have performed well in a difficult trading environment, and operationally we are well positioned for the future.”
Freddie George, analyst at house broker Seymour Pierce, said performance was in line with expectations.
However, he cut his forecast for this year from £5.9m to £5.5m in recognition of higher commodity prices feeding through into the autumn/winter ranges.
He maintained: “The stock still looks undervalued.”