Walker Greenbank (WGB); trading in line with board’s expectations

Published on 14-06-2019 07:19:11
Author Sparks Team

Walker Greenbank provided its trading update for the current financial year to date. Brand sales in international markets, excluding the US, are ahead on a like-for-like basis at constant currency in the first 18 weeks of the year compared with the same period last year. In the UK, which accounts for about 52% of brand sales, market conditions remain challenging, although the sales trend improved since the commencement of the financial year.

Brand sales in the US recorded a small decline due to deterioration in Clarke & Clarke’s US sales for reasons outlined at the full-year results. Plans are in progress to return Clarke & Clarke to growth in H2 of the current financial year. Outside the US, Clarke and Clarke continues to perform well. In the company’s brand portfolio, Morris & Co witnessed strong growth, reflecting the sustained revival of interest in the Arts & Crafts movement.

Licensing income in the year to date is in line with the board’s expectations. For the full year, licensing income excluding apparel contracts is expected to show progress on the previous financial year. The company is on track to deliver expected savings in the current financial year and beyond.

Trading for the six months to 31 July 2019 will be provided in detail in the half year trading update in early August 2019.

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