Seraphine is one of a number of retailers to warn of a lower profit expectations, saying that it has been affected by extremely challenging trading conditions as well as sharp rises in warehousing and shipping costs. The business said it had enjoyed good gowth for the 17 weeks to January 31st but that February has proved to be very slow. It is now expecting c£4.5m profit as opposed to its previously forecast £6.2m.
Seraphine was founded in 2002 and specialises in maternity wear which it sells online as well as from its stores in the UK, France and the USA. Its latest trading update caused shares to drop by nearly 70 per cent, reducing the value of the business to £34 million. It had been valued at £150m when it listed in July.
Share