The St Lawrence-based home shopping company (which includes Flying Flowers, Gardening Direct, Listen2Books and Benhams stamps and collectables) last week announced that trading during March was behind expectations, despite the early Easter, and that it was ‘unlikely’ that profit levels would be in line with expectations.
Speaking after the annual meeting on Tuesday, chairman Alan Fryer said: ‘We haven’t lost any customers, but the amount they are spending is less – and it’s difficult to know why.
‘Our competitors are suffering similar issues.
A lot of things are conspiring against retail at the moment, such as the rise in interest rates and house prices.
Specifically, the spring mailings for the firm’s plug plant and garden accessory division, Gardening Direct, have been below expectations.
The final mailing went out last week, with unsold bedding plants grown at Retreat Farm on sale to Islanders at bargain prices.
