StockMarketWire.com - Fabrics retailer Leeds swung to a first-half loss, citing tough trading conditions in Europe.
Net losses for the six months through November amounted to £1.13m, compared to a profit of £0.94m on-year, and included a £0.42m loss on a discontinued operation.
Sales from continuing operations fell 8.4% to £18.6m, down from £20.3m on-year.
'Market conditions continue to be challenging throughout Europe with pricing pressure in all sectors,' Leeds said.
'The board continues to believe that the initiated cost reduction and efficiency programmes that are now in place will ensure costs are reduced to a level that are aligned to the reduced sales currently being experienced.'
'This should ensure both Hemmers and KMR can return to profitability in the next financial year.'
At 1:08pm: [LON:LDSG] Leeds Group PLC share price was -0.5p at 16.5p
Story provided by StockMarketWire.com
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