Noni B flags loss

 

nonibFashion retailer, Noni B, expects to post a full year loss of $2.2 million as it continues to struggle with weak sales.

The company in June warned it was headed for a loss of between $1.8 and $2.2 million for the 2013/14 financial year and now says continued weak conditions in the sector mean the result will come in at the top of that range.

“Due to continued weakness in the specialty retail market, Noni B expects an unaudited, full year, after tax loss of $2.2 million,” the company said in a statement on Wednesday.

The company will announce its full year results on August 28.

Meanwhile, Noni B said it continued to look at potential takeover offers.

“At this stage, there can be no assurances that a transaction will eventuate,” the company said.

“However, the board will inform shareholders of any material developments at an appropriate time, should they arise.”

The retailer in June said it had been approached by several parties interested in taking a stake or complete control following news Noni B’s major shareholders were considering the future of their involvement with the business.

AAP

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