StockMarketWire.com - Fishing tackle retailer Fishing Republic said its first-half revenue was expected to slump 17% after it closed five under-performing stores as part of a turnaround plan.

Revenue for the six months through June was expected to be around £3.4m, with like-for-like store sales expected to fall 22%.

The second quarter did not show an improving revenue trend, the company said.

Online sales fell to around £0.7m, down from £0.9m.

Margins in the first quarter were below the company's expectations mainly as a result of clearing old product lines.

However, despite continuing competitive pressures, second-quarter margins improved and were close to those achieved in the same period last year.

Inventories at half-year end stood at around £3.2m compared, to £3.3m in December 2017 and £5.3m in June 2017.

Fishing Republic said it had made 'good progress' recruiting a new chief executve and would make a further announcement in due course.

At 2:36pm: [LON:FISH] Fishing Republic Plc share price was 0p at 8p



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