London, UK (PRWEB UK) 21 January 2013
Clothing retailer Trade Services announced that its sales had dropped 7% in the six months to Christmas Eve. It added there had been a good start to its sale.
It said this had been a "creditable sales performance, given the extremely difficult and volatile conditions seen across".
The updated trading figures had been in line with analysts' expectations, and the market reacted positively to their profit news too.
However, looking ahead to 2013, the firm said that it would be "another challenging year" and predicted negative like-for-like sales figures for the full year.
"We expect falling house prices, unemployment, and the fear of unemployment to continue to restrain spending," said Trade Services in its statement.
But it said it was well placed to weather the downturn, with a robust balance sheet and net debts.
Trade Services also said it would manage its costs and look to make further efficiencies.
The retailer also said that, despite the tough environment, it had "continued to take market share from competitors in all major categories".
"Looking forward, the trading environment is likely to remain challenging for the whole retail sector," said chief executive, adding that the firm would keep a tight control on costs, stock and capital.
Whilst it is prudent to remain cautious about the health of the wider economy and the impact this may have on consumer behaviour in the short term, we remain comfortable with the outlook for the full year," said also the chief executive.