Jacques Vert has been hit by the tough trading conditions in the fashion market, reporting a fall in interim profits this morning.
The AIM-listed retailer – which trades as Jacques Vert, Planet, Windsmoor and Precis – revealed that pre-tax profits, excluding exceptional items, dropped from£2.4 million to£1.7 million in the 26 weeks to October 27. Total sales climbed 1.8 per cent to£58.8.million.
Like-for-like sales were flat in the first half, but Jacques Vert said that in the 10 weeks since the end of the period they had fallen 2.2 per cent. Chief executive Paul Allen attributed this to a less aggressive markdown policy, which had benefited the gross margin by 2.7 per cent.
Jacques Vert chairman Steve Bodger said the results showed “a creditable performance in an extremely challenging retail environment”, but added that the company remained cautious about its key final quarter.
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