The number of retailers issuing profit warnings soared to a seven-year high in the first three months of the year, in a “worrying omen” for the high street.
Thirteen retailers, nearly one-fifth of listed companies in the sector, did not meet City expectations in the first quarter, according to the consultancy EY. Almost half have warned on profits in the past 12 months.
High-profile victims of tough Christmas trading included the department store Debenhams and baby goods chain Mothercare, which both blamed a difficult environment for consumers for missing targets.
