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(Sharecast News) - Interior designer Sanderson Design Group warned on Monday that both full-year sales and profits would now fall short of previous expectations amid "subdued customer demand".
Sanderson Design expects to report full-year sales of roughly £101.0m, an approximately 5% downgrade to previous expectations, while underlying pre-tax profits were pegged to be in the region of £4.0m to £4.8m.
The AIM-listed firm added that sales of its luxury branded wallpapers and fabrics were down 13% in the first two weeks of January due to a downturn in consumer confidence, while contract markets in North America were also said to have been soft.
"The group is continuing to accelerate strategic changes and focusing on efficiency and cost savings to better position the business for the current trading environment and for future growth. The group benefits from a strong portfolio of brands, a valuable archive and exciting upcoming product launches. The board remains confident in the group's future performance once trading conditions improve," said Sanderson.
As of 0950 GMT, Sanderson Design shares had sunk 13.43% to 46.75p.
Reporting by Iain Gilbert at Sharecast.com
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