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Bonmarché’s 52-week trading update has confirmed that it will deliver FY PBT in line with the board’s expectations. FY sales were down 0.5%, reflecting both a tough H2 comparison and difficult trading conditions in Q4, as has been seen more widely in the UK clothing market. Gross margins proved resilient despite FX headwinds, which suggests that the company has plenty of scope for self-help. We expect consensus forecasts to remain unchanged following the FY trading update on 20 April.

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