In line with what the company expected, its high street shops were the biggest drag on its performance, with total sales down seven per cent and like-for-likes down six per cent. Retailers have posted a mixed bag when it comes to bricks and mortar successes over Christmas.
Tightly-managed costs meant the retailer still saw “good” profits, and it reiterated plans to return up to £50m to shareholders via a share buyback programme.
Chief executive Stephen Clarke commented on the results:
Looking ahead, we continue to plan cautiously and manage the business tightly while investing in new opportunities for future growth. We are confident in making further progress in the year.