Easter no tea party for homewares retailer
Whittard of Chelsea has reported a profit warning following a 4 per cent fall in like-for-like sales during the Easter period.
The retailer said sales in the comparable period last year had been exceptionally strong and therefore the adverse retail environment this year has made it difficult to improve on last year's figures.
Analyst Seymour Pierce cut its profit before tax estimate from£3.7 million to£2.5 million, admitting that this was a pessimistic forecast because it believed the chances of consumer spending rebounding in the near future are small.
Analyst Rhys Williams said: 'One would point out that if Whittard, with a strong brand name and a differentiated product offer, is struggling in the current environment, what are retailers with a weak name or non-differentiated offer trading like?'
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