Sales at Oroton, the luxury goods retailer, haven’t been too good this financial year.
The company says like for like sales fell 8% for the first 17 weeks.
A short time ago, Oroton’s shares were down 1,2% to $2.32.
“Whilst disappointing, this period does not represent a significant part of our full year trade,” says CEO Mark Newman.
Sales were up 11% for the Oroton brand itself, where the company has been concentrating effort.
The company has sharpened focus on its core Oroton brand as an affordable luxury offering and accelerated the trading performance and margins of the Gap brand.
Newman says the Christmas and New Year holiday period will benefit from a strong product offer, including new jewellery, watch and gift ranges.
In the GAP brand, like for like sales were down 8% so far this year, mainly due to a poor October mid season sale. However, trade has improved in November.
The company has also launched an online concession for GAP with David Jones, giving reach to potential customers from outside New South Wales and Victoria.
Oroton in September posted a 31% rise in full year profit to $3.44 million.
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