Shares in Noni B Limited (ASX:NBL) plunged yesterday after the fashion retailer forecast its first half net profit will fall by almost a third.
Noni B expects its interim net profit to drop to between $1.7 million and $1.9 million from $2.4 million the year before.
The company has not detailed the reasons for the expected profit drop but says four new stores opened in December will contribute to second half results.
Joint Managing Director David Kindl says Noni B plans to maintain staffing levels and investment in training to improve personalised service and position itself for long-term growth.
Shares in Noni B plunged almost 14 per cent yesterday, closing at $0.75.
Noni B reported a net profit of $2.7 million in the 2012 financial year.