Noni B falls flat
Revenue dropped 8.6 per cent to $57 million in the six months to December 28, and comparable store sales fell 5.4 per cent.
Gross margins slipped from 61.4 per cent to 59.2 per cent, leading to a $2.4 million loss compared to a $1.89 million net profit in the same period a year ago.
The retailer’s founders, the Kindl family, sold their 42 per cent stake in the business to investment company Alceon Group, and twin brothers, David and James Kindl, stepped down as joint MDs last year.
Following its profit result, Noni B has also confirmed several senior management changes including the departure of CFO, Ann Phillips, and the appointment of former Pacific Brands CEO, Sue Morphett, as a non executive director.
Noni B says it has begun the search for a new CFO follow the announcement of Phillips’ resignation on Monday. Phillips joined Noni B in 2008 and was appointed CFO and company secretary in 2010. She will step down from the role next month.
Changes have also taken place on the board of Noni B, with the appointment of Sue Morphett as non executive director and the departure of two directors, Joycelyn Morton and Leo Tutt.
Morphett joins Noni B with more than 25 years of brand management and retail experience and was CEO of Pacific Brands from December 2007 to September 2012.
Morphett is a non executive director Asaleo Care Limited, Fisher & Paykel Appliances, and Godfreys Group. She is also chairman of the board of Manufacturing Australia.
Morton has been a director of Noni B since 2009, serving as chairman from May 2013 until December 2014, while Tutt has been a director with the fashion company since May 2013.