Jacques Vert FY profit slumps

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Date: Tuesday 08 Jul 2008

LONDON (ShareCast) - Full year profit at womenswear retailer Jacques Vert plunged amid a slowing retail environment.

The firm now expects the remainder of this financial year to be "characterised by difficult trading conditions."

Pre-tax profit fell to £4.32m for the year to 26 April 2008 from £19.89m the year before while revenue during the period rose slightly to £114.94m from £114.14m.

Sales on a like-for-like basis in the 10 weeks since the year-end fell 5.9% from the year before. The market continues to be affected by an aggressive level of discounting by competitors, the group said.

"Our brands have performed well in difficult trading conditions. I am confident that our strong financial position will enable us to benefit from any improvement in the market," noted chairman Steve Bodger.

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