Women’s clothing retailer Noni B Ltd (ASX:NBL) has become the first retailer to issue a profit warning ahead of the 2011 financial year reporting season.
Shortly before the market closed yesterday, the company said its full-year profit could fall by as much as 85 per cent.
Shares in Noni B ended the day 3.79 per cent lower, slumping to a 10 year low of $0.635.
Noni B has blamed “difficult conditions” for unaudited sales revenue of $117.3 million in fiscal 2011, in line with $117.4 million the year before.
After tax profit, before any goodwill impairment, is expected to this year reach between $600,000 to $800,000, compared with $3.9 million the year before.
In the first half of its 2011 financial year, Noni B reported a net profit of $1.5 million.
