La Senza slumps after another profits warning
Friday 16 January 1998
The shares dropped 12 per cent, piling on the woe for those investors who stumped up 150p for the stock when it was floated by advisors Williams de Broe in May 1996. It closed yesterday at 19p, down 2.5p.
Laurence Lewin, the deputy chairman, accepted that La Senza had only itself to blame for its dire trading performance and the fact that it has no chance of achieving its prospectus profit projections.
Mr Lewin, said yesterday: "We have to take responsibility and cannot shelter behind excuses. We are retailers and it is our job to get it right. Now we will have to get this show on the road and reduce losses."
The group clocked up losses of pounds 1.5m in the year to January 1996 and admitted yesterday it would plunge a lot further into the red in the current financial year. On flotation it gave a profits projection of pounds 2.3m. Mr Lewin refused to predict when La Senza would finally break into the black.
La Senza has been rocked by the rise in property values and rents which has blown a huge hole in its expansion plans. Sales have proved disappointing and Mr Lewin admits that many of the group's managers had performed poorly.
One City observer said: "The company and PR firm Biddick's tactic of sending pictures of scantily clad women around the City certainly ensured the flotation was popular... but the bottom really looks to have fallen out of their market."
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
Sony hack: Angelina Jolie branded 'seriously out of her mind' in further embarrassing leaked email saga
Panic Saturday: 13 million Britons spend £1.2bn – while 13 million others across the country live in poverty unable to afford food
iJobs Money & Business
$200 - $350 per annum: Carlton Senior Appointments: Managing Producer Office...
$125 - $225 per annum: Carlton Senior Appointments: San Fran - Investment Advi...
Up to £70,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...
Up to £65,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...