Source - SMW
Fishing Republic has warned that it trading performance for the year to the end of December would not meet  market expectations and would  result in an overall loss.

The group said it had seen a significant deterioration in trading since its update in September.

it said   this reflected a substantial increase in price competition as major competitors and independent stores aggressively sought to maintain their market share, particularly at the end of the main fishing season.  

It said: 'As a consequence of this change in market conditions, for the first time this year, monthly like-for-like store sales reduced, with a decline of 13% in October.  

'This is in contrast to like-for-like sales growth of 16% experienced in the nine months up to the end of September.

'Our online business has been similarly affected and, whilst sales via our own website are up 116% and overall online sales are up 24% in the year-to-date, the transition from third party sites to our own website is behind our expectations.'

The group said that while it had expanded its store network during the year, the execution of the online model required further focus and acceleration. 

It said the board strongly believed that the fishing tackle market was well suited to an online model with the obvious efficiencies this brought in terms of returns on invested capital.   It said the board had  agreed to appoint Chris Griffin as acting chief executive to conduct a strategic review with a mandate to explore all options to drive long term value for shareholders. 

It said that Griffin had a very strong e-commerce, retail and logistics background and was director of e-commerce at SuperGroup, owner of the Superdry brand, from 2010 and 2014, during which time online sales grew from £3m to £60m.  

More recently, he founded and built the revolutionary supply chain software business, Anatwine Limited.

The group said Steve Gross would step down as CEO today but would remain on the board as an executive director to support Griffinin his strategic review.  

The group said operations director Zoe Gross, and IT director Paul Hagerty would both step down from the board with immediate effect.  

At 8:17am: (LON:FISH) Fishing Republic Plc share price was -15.75p at 22.25p