Noni B shares have jumped in early trade after the women’s fashion retailer announced it was is on track to meet its full-year guidance.
The company said on Friday it expects underlying earnings for the year to June 30 to be in line with expectations of $45 million – an increase of about 21 per cent – following the acquisition of Specialty Fashion Group brands Millers, Katies, Rivers, Crossroads and Autograph last July.
“Noni B is very pleased with this result in the current climate and, in particular, the Group’s sales performance through the key Christmas and Mother’s Day trading periods,” the company told the ASX.
Shares in the company climbed by 7.0 cents, or 2.56 per cent, to $2.80 by 1040 AEST, and have added 2.94 per cent for 2019 so far.
Total sales grew to about $864 million for the year but like-for-like sales dropped by 4.3 per cent, which the company said it expected.
Online transactions have continued to grow and now represent 9.8 per cent of total sales.
The company said transaction and restructuring costs should amount to $9.1 million, with a net reduction of 47 stores across the Noni B network during the year to 1,379.