Character Group issues profit warning

Firm says it expects results to be below current market expectations for financial year.
Publish date:

Character Group has told the City that difficult retail trading conditions mean that its results for the financial year are now expected to be below current market expectations.

However, the company believes that the strength of its portfolio should see a satisfactory outcome for the 2012 autumn/Christmas selling season, providing a good start for the new financial year - which begins on September 1st 2012.

The group said that trading conditions have been further adversely affected by several factors, including bad weather conditions, the Eurozone crisis and key events such as the Diamond Jubilee, Euro 2012 and the London 2012 Olympics.

The firm said that on group sales in particular it is seeing an increase in the volume of clearance sales, a reduction in normal margin sales and some retailers delaying normal stock intake.

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