BAE.L Regulatory News (BAE)

22 Mar 2005 15:05

Beale PLC22 March 2005 BEALE PLC AGM STATEMENT AND TRADING UPDATE 22 MARCH 2005 In his address to shareholders at the Company's Annual General Meeting thisafternoon, Chairman Mike Killingley said: "On 21 January, in my Chairman's statement accompanying the announcement of ourresults for last year, I said that gross sales after the first 11 weeks of ourcurrent financial year were 3.6% below those for the same period last year, on alike-for-like basis. Since then, although trading conditions remain challenging, the sales trend hasimproved slightly. For the 9 weeks to 19 March, gross sales were up 3.0% onthose for the equivalent period last year, so that for the first 20 weeks of ourcurrent financial year they were 1.5% below those for the previous year. It should be pointed out that the periods this year and last year are notabsolutely comparable, because our spring mid season promotion commenced lastweek, a week earlier than in 2004. A more realistic comparison to week ended 12 March shows that for the eight-weekperiod since our last statement gross sales were 1.9% above previous year.Cumulative Group gross sales for the 19 weeks to that date were 2.0% below lastyear. We continue to believe that the action we have taken over the last two years toimprove our product range and our stores is making a difference. This, and thestrengthening of our buying and merchandising team, will be particularlybeneficial when, as we believe will happen, the trading environment improves. As ever, your Board will pursue its primary duty to explore all opportunities tomaximise shareholder value." For further information: Allan Allkins, Chief Executive, Beale PLC - 01202 203 448Barrie Newton, Rowan Dartington - 0117 933 0011Katy Pratt/Lulu Bridges, Tavistock Communications - 020 7920 3150 This information is provided by RNS The company news service from the London Stock Exchange