Allders warns on profits
Saturday 08 August 1998
Allders blamed rising interest rates, which kept shoppers at home during the summer sales. It said it had seen disappointing revenues during the sale and that it was unlikely to make up the shortfall during the rest of the season.
Nick Bubb, an analyst at SG Securities, said Allders had mistimed its summer sales. Mr Bubb reduced his pre-tax profits forecast, along with other analysts, to pounds 19m from pounds 23.5m and moved his recommendation to "hold" from "buy".
Allders said the former Maples furniture stores, bought last September, had taken longer than expected to establish themselves under the Allders brand.
Harvey Lipsmith, chief executive, said: "I am disappointed to have to cut back our profit expectations for this financial year, particularly after last year's outstanding performance and an encouraging first half this year. But it is now clear that six increases in interest rates have taken their toll of consumer confidence."
Mr Lipsmith said the conversion of the six Maples stores was completed three months behind schedule. The delay, on top of the conversion costs, had wiped around pounds 2m off profits.
Mr Lipsmith denied the warning signified a trend among shoppers away from department stores and towards specialist multiple chains. "While some department stores have been suffering from this downturn, I think we have some horrible figures awaiting us from the multiples," he said.
- 1 Double chins could be 'cured' without surgery or dieting using new injection
- 2 The BBC has just done more to eradicate ‘terrorism’ than all our wars since 9/11
- 3 Dog thinks owner is drowning in lake, dives in and tries to pull him out
- 4 Christian blogger says she will not wear leggings in public because they entice men and cause them to look at her 'lustfully'
- 5 Thank heavens for Louise Mensch and her foul-mouthed tweets to world leaders
Scientists discover way to unboil an egg – and the results are not as pointless as that sounds
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Greece elections: Greek PM Alexis Tsipras takes aim at 'neo-liberal' Europe as country gears up for prolonged austerity battle
Auschwitz liberation 70th anniversary: Woman sent to three Nazi death camps describes surviving gas chamber
Chilling drone footage captures Auschwitz ahead of 70th anniversary of liberation
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
Greece elections: Syriza and EU on collision course after election win for left-wing party
British Muslim school children suffering a backlash of abuse following Paris attacks
Islamic history is full of free thinkers - but recent attempts to suppress critical thought are verging on the absurd
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
iJobs Money & Business
£16500 - £16640 per annum: Recruitment Genius: This fast growing Finance compa...
£30000 - £32000 per annum + benefits : Ashdown Group: A highly successful, int...
£18000 - £20000 per annum: Recruitment Genius: This rapidly expanding business...
£25 - 28k + Bonus: Guru Careers: An In-house / Internal Recruiter is needed to...