Three more leave Etam
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.TOM STEVENSON
Deputy City Editor
The revolving doors at the troubled high-street retailer Etam continued spinning yesterday as three directors quit following the announcement of worse than expected interim losses. The company's shares, which have already halved over the past year, slipped a further 14p to close at 153p.
The departures follow five other resignations from Etam's board this year, including that of Sir John Nott, the former chairman. The latest resignations included Rodney East, the former managing director, and Keith Miles, finance director.
Announcing a loss of pounds 3.82m (pounds 4.74m profit) for the six months to August, Etam warned that there had been no improvement in trading since the annual meeting earlier in the year. "Etam's annual results are greatly dependent on the second half trading. For these reasons we must be cautious about the outcome of results for the full financial year."
That profits warning, the latest of several this year, followed a slump in sales from pounds 113m to pounds 107m. With high fixed costs such as rents in expensive locations, the inability to increase sales has devastated the group's underlying profitability.
As a result the interim dividend was cut from 1.95p to 0.5p. Analysts expect another cut at the full year stage.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments