Etam sticks to cautious approach
Friday 23 April 1993
Recession has bitten into Etam's profits since it made close to pounds 17.5m in three years during the late 1980s. Yesterday it reported pre-tax profits edging 3 per cent ahead to pounds 10.9m in the year to January, disappointing earlier expectations.
Sir John Nott, the former defence secretary who is Etam's chairman, said the company was doing well from its modest step-by-step approach. He added: 'If we keep on this course, the shareholders over the medium term will benefit better than from some rather more ambitious strategy to expand the business faster. Borrowing money or gearing up . . . hugely increases the risks.'
From mid-October until early December, Etam was hit by the weakening of consumer confidence and was forced to mark down stock more heavily than usual in the run-up to Christmas, causing gross margins to fall from 8.3 to 7.8 per cent. Sales rose by 4 per cent to pounds 220.7m.
A final dividend of 5.25p increased the total by 5 per cent to 6.9p a share.
- 1 Which country would be hardest to invade?
- 2 The man who filmed the Freddie Gray video has been arrested at gunpoint
- 4 How the language you speak changes your view of the world
- 5 Royal baby girl born: Duchess of Cambridge's second child will be a princess thanks to Queen
Over 50,000 families shipped out of London boroughs in the past three years due to welfare cuts and soaring rents
EU asylum policy is 'a direct threat to our civilisation', says Nigel Farage
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: SNP and its activists 'openly racist' towards the English, Farage says
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
Schools forced to act as 'miniature welfare states' with teachers buying underwear and even haircuts for poor pupils
£28000 - £45000 per annum: Recruitment Genius: A Senior Digital Marketing Cons...
£16640 - £18500 per annum: Recruitment Genius: An Assistant Stores Keeper is r...
£16000 - £18500 per annum: Recruitment Genius: This is an excellent opportunit...
£17000 - £30000 per annum: Recruitment Genius: Developer required to join a bu...