Umbro delivers profits disappointment
Sports kit firm Umbro felt the pressure today from tough trading conditions and a disappointing year for the England football team.
Umbro shares slipped more than 6% as it said full-year profits were likely to be “marginally below” the company’s expectations of three months ago.
It said the group’s ability to maintain margins in the UK was under increasing pressure as the marketplace remained “extremely tough” and price led.
Umbro added it was free of England-related inventory following the World Cup, but said sluggish post-tournament sales by retailers had increased the number of debtor days and caused higher annual interest charges.
