Flying Brands' profit expectations for 2008 fall £0.5m

Jersey-based home-shopping group Flying Brands has said the 14 weeks to 2 January produced lower gross profits, meaning 2008 profit expectations will be reduced by £500,000, to £1.4m.

Like-for-like sales for the last quarter of 2008 were flat compared with that period in 2007. Sir Tom Hunter holds a 29.9 per cent stake in the company.

Flying Flowers' sales were 0.6 per cent up against the comparable period and the company's other brands were collectively 1.2 per cent down.

The Flying Flowers margin was lower than anticipated because customers switched to products with a lower gross-profit margin, together with higher-than-expected product and dispatch costs.

The full-year results will be announced on 13 March.


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