Women’s fashion group Noni B is the first retailer to release its earnings for this financial year and has warned that margins will be affected by difficult market conditions.
The company reported that unaudited sales revenue for the financial year for 2010-2011 was $117.3 million, which was in line with its results for the financial year for 2009-10 where it recorded $117.4 million.
As a result, after-tax profit for the financial year of 2011, before any goodwill impairment, is expected to be in the range of $600,000 to $800,000 against the 2009-2010 financial year profit of $3.9 million.
However, Noni B said cash flow remains strong and the company has no bank borrowings and stock at 26 June 2011, which was 10 per cent lower than a year earlier.
The company’s audited results will be announced 24 August 2011.