Profit before tax at Bonmarché fell to £5.8m, down from £9.6m the year before while like-for-like sales were down 4.3% to £192.5m.
Revenue inched up by 1.1% to £190.1m for the year to 1 April, and the retailer’s online sales rose by 2.2%. Chief executive Helen Connolly said Bonmarché is aiming to develop and modernise its offer, but she conceded that the business had not improved as much as had been hoped since she took charge last year.
“A combination of internal and external factors over the past year prevented us from improving at the rate we had aimed for,” she said. “However, we believe that the business is now well positioned, with a compelling proposition and robust plan. It is clear that the direction of travel is broadly right, albeit the effectiveness of execution needs to improve.”
As part of a strategy update, Bonmarché also announced its plan to reinvigorate the business, through a simplification of how it views customers, a modernisation of its offer and improved execution.