Theo Fennel expects profit shortfall

Upmarket jeweller has tough Christmas
Jewellery designer and retailer Theo Fennell has downgraded profit forecasts after poor Christmas trading

The company said that sales over the key Christmas period were disappointing, mainly due to a shortage of high value sales at its flagship store. It added that January sales have started encouragingly.
Theo Fennell said that subject to a strong performance for the January sales and the successful conclusion of an overseas franchise agreement currently in negotiation, the company expects its full year results “to show a modest profit, but below market expectations”.

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