Noni B has reported an underlying after tax profit of $1.5 million for FY2013, compared with $2.7 million in the previous year.
Fashion retailer Noni B is another to add to the list of victims suffering through the difficult retail times.
Leo Tutt has been appointed as an independent non-executive director and chair of the audit and risk management committee of Noni B.
The trading environment continues to remain difficult with Noni B reporting a loss in net profit for the first half.
Noni B has warned profit for the first half of the 2013 financial year is expected to take a tumble.
Noni B chairman Lynn Wood said that it was a difficult year last year and this year is expected to be no different.
Running with the belief that good customer service and products sell over discounting has helped Noni B achieve a 2 per cent increase in sales revenue of $119.7 million for the full-year of 2012.
The retail fashion group expects after tax profit to range from $2.5 to $2.6 million – over $2 million more than the company's reported after-tax profit last year.
Higher margins together with controlled expenses have helped boost first half year profits for retail fashion group Noni B.
Noni B expects after tax profit to be in the range of $2.1 to $2.4 million for the first half of FY2012 compared to $1.5 million for the same period last year.
The company reported that unaudited sales revenue for the financial year for 2010-2011 was $117.3 million.
Due to low consumer confidence and the unseasonably cool weather, retail fashion group Noni B has reforecast its profits for the first half of 2011.