“As we expected, trading conditions in the first few weeks of the new financial year have remained difficult,” said chief executive Alan Giles. “However, we are making excellent progress with a two-year programme of initiatives which we anticipate will begin to improve performance during the crucial Christmas trading period and, ultimately, transform the Group into a world class multi-channel retailer.”
He also added that margins suffered primarily due to an increased level of discounting in its markets.
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