Warning lowers Oliver
Tuesday 10 October 1995
Shares in Oliver Group, the footwear retailer, plunged 25p to 37p yesterday as the company warned that losses would deepen in the second half.
The company, which blamed poor shoe sales to children returning to school, said there would be no final dividend. Oliver, which reported a pounds 3.1m deficit at the half-year, had also passed the interim payout to shareholders.
Oliver, which last month appointed the Olympus Sports chain founder Martin Watts as group managing director, issued a profits warning in June in advance of publication of the interim results on 4 September.
The company said yesterday that trading had deteriorated "rapidly" since the interims.
Oliver said the "crucial back-to-school season had been extremely poor and seriously below last year's achievement and our expectations". The company expected heavy discounting and margin pressures to continue throughout the second half.
Dennis Cassidy, the former Boddington chairman who had nursed Oliver back to health before the recent setbacks, said that deteriorating consumer confidence was to blame.
The number of UK stores had been cut to around 340 from 440 two years ago. But under Mr Cassidy, Oliver is starting to expand again, and last year launched a self-service store format called Paris.
In the six months to 1 July, Oliver made pre-tax losses of pounds 3.15m, against pounds 1.65m last time, and came despite a rise in turnover from pounds 32.2m to pounds 34.5m.
- 1 The truth about 'girl things': Three cheers for Heather Watson's honesty
- 2 Man who held up 'hire me' sign at Waterloo station returns a year later with 'I'm hiring' sign
- 5 Men behaving badly: Urinating while standing, 'manspreading' and the gendering of selfishness
Nigel Farage: NHS might have to be replaced by private health insurance
'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
British Muslim school children suffering a backlash of abuse following Paris attacks
George Galloway condemns 'racist, Islamophobic, hypocritical rag' Charlie Hebdo at freedom of speech rally
Islamic history is full of free thinkers - but recent attempts to suppress critical thought are verging on the absurd
iJobs Money & Business
Negotiable: Recruitment Genius: A Tax Assistant is required to join a leading ...
£16000 - £25000 per annum: Recruitment Genius: This is an exciting opportunity...
£45000 - £47000 per annum + bonus + benefits: Ashdown Group: Java Developer / ...
£35000 - £38000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...