Deacons issues profit warning on low sales as elections, Nakumatt exit take toll – Business Daily (press release) (blog)

Fashion retailer Deacons #ticker:DCON has issued a profit warning indicating that its net profit for the full-year to December 2017 will drop by at least a quarter due to lower sales.

The profit warning announcement means Deacons will post a maximum net loss of Sh208 million, compared with Sh277.9 million loss it reported in the year to December 2016.

The expected drop in profits were brought about by the presidential elections in Kenya during the second half period of 2017, which resulted in decreased consumer demand and spending, Deacons said in a statement.

Deacons, which operates in Kenya…

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