Flying Brands plummets after 2011 guidance

13th Apr 2011 12:50

Shares in flowers and gifts retailer Flying Brands dropped by almost a fifth after the group revealed that 2011 profits will be below expectations.Like-for-like orders for in the year to date after 20% below last year, primarily as a result of weak consumer confidence and increasing competition at its flowers and gifts division. Competition has also stepped up in the Garden division, with its bird food business seeing very challenging trading conditions. "We reduced our marketing expenditure in off-the-page advertising during the first quarter to reflect the lower demand but are monitoring the market to make sure we take advantage of any perceived upturn," the group said."We do not now expect the financial performance of the business in the first half of the year to be better than last year."---bc