Jacques Vert sales still struggling
Fashion brand retailer sees difficult market
September 9 2003
Branded fashion specialist Jacques Vert has found sales hard to come by across the summer.
In an AGM statement, the upmarket clothing retailer said conditions in the classic ladieswear sector are difficult and volatilem with little sign of improvement since it reported at the end of July, “although sales of our own autumn ranges give us modest encouragement.”
Combined sales of the original Jacques Vert brand and the three William Baird brands acquired last year are 9.3 per cent down in the 18 weeks since its year end, with like-for-like sales down 5.8 per cent. The company said this is an improvement on the sales position reported in July, when overall sales were 10.5 per cent down and like-for-like sales 7.9 per cent. The emphasis remains on full price selling to protect margins.
The integration of Jacques Vert and William Baird businesses “continues to progress well,” despite sales below expectations, and “the benefits of the acquisition seem likely to be at the higher end of our forecasts.”
Chairman Derek Lovelock said: “Although life in the classic ladieswear market continues to be difficult it is pleasing to report that progress is being made in refocusing the Baird brands.”
