Bonmarche Holdings PLC Trading Update (7791V)
July 26 2018 - 1:00AM
UK Regulatory
TIDMBON
RNS Number : 7791V
Bonmarche Holdings PLC
26 July 2018
26 July 2018
Bonmarché Holdings plc ("Bonmarché", or the "Group")
Trading Update
13 week period ended 30 June 2018
Bonmarché, one of the UK's largest women's value retailers,
presents its trading update for the 13 week period ended 30 June
2018 ("Q1" of FY19).
Sales in Q1 grew by 2.7% against the corresponding period in
FY18; online sales grew by 27.3% and store only like for like
("LFL") sales declined by 1.2%. The comparatives for these figures
were strong, with the online growth in Q1 of FY18 being 39.0% and
store only LFL sales being 4.2%. The table below summarises the
store, online and combined sales performance for Q1:
Store Online LFL stores Total
only LFL only % + online sales
% change change % change % change
13 weeks ended 30 June
2018 (1.2)% 27.3% 1.5% 2.7%
------------------------ -----------
As at 30 June 2018, Bonmarché traded from 323 stores and online
(2017: 322 stores and online).
Dividend policy
In the Group's preliminary results announcement on 19 June 2018
it was noted that the outcome of the Board's review of the dividend
policy would be communicated within this update.
At the time of listing, the Group adopted a progressive dividend
policy and looked to maintain dividend cover at between 2.5x to
3.0x earnings. In maintaining the level of dividends in recent
years, and proposing to increase it in respect of FY18, the Board
has deviated from that range, yet the dividends have remained
comfortably covered by the Group's cashflow. In light of this, and
of its confidence in the Group's prospects, the Board announces
that it will continue to maintain a progressive dividend policy,
but the guideline for the required earnings cover will be
henceforth lowered to a range of 2.0x to 2.5x earnings. The Board's
intention is that attainment of a cover within this range will be
accomplished over a period of time, and that assuming profits grow,
future dividends will be increased at a rate which simultaneously
increases the dividend cover.
Helen Connolly, Chief Executive Officer of Bonmarché, said:
"I am pleased with the improvement in trading in stores compared
to the second half of FY18 and in the continued momentum of our
online sales, particularly against strong prior year
comparatives.
"The improved sales performance during the first quarter,
achieved in a clothing market which, whilst helped to some extent
by more seasonal weather, remains challenging, underpins our
confidence in the strategy, and the Board's expectations for the
full year remain unchanged."
- Ends -
For further information regarding Bonmarché, please call:
Bonmarché Holdings plc c/o FTI +44 (0)20
Helen Connolly, Chief Executive 3727 1000
Stephen Alldridge, Finance Director
FTI Consulting - Communications advisor
Jonathon Brill
Georgina Goodhew
Eleanor Purdon +44 (0)20 3727 1000
Notes to Editors:
Bonmarché is one of the UK's largest women's value retailers,
focused on selling stylish clothing and accessories in a wide range
of sizes, via its own store portfolio and online. Established in
1982, Bonmarché has over 35 years of experience in this market
segment, operating across the UK.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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