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Fishing Republic battered after shock profit warning

Competitors started to cut prices to maintain market share at the end of the fishing season

fishing rods
The big fish are putting up a fight

Fishing Republic PLC (LON:FISH) has launched a strategic review alongside a wholesale board shake-up after a sharp downturn in trading from October sparked a big profit warning. 

Steve Gross has stepped down as chief executive while Zoe Gross, operations director and Paul Hagerty, IT Director, are departing the board.

READ: Fishing Republic strengthens presence in west of England

Chris Griffin, formerly e-commerce director at SuperGroup has been appointed acting chief executive and will undertake the review of the sport fishing retailer.

Improvements to Fishing Republic’s e-commerce execution and better stock control will the focus of the review.

READ: Fishing Republic says annual results will be in line with forecasts

Competitors started to cut prices to maintain market share at the end of the fishing season and unless trading conditions improve before the end of the year there will be a loss added the AIM-listed group.

Like-for-like store sales fell by 13% in October compared to growth of 16% in the nine months up to the end of September. Online business has also been affected.

Shares tumbled 40% to 22.7p.

Quick facts: Fishing Republic

Price: - GBX

AIM:FISH
Market: AIM
Market Cap: -
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