19 Mar 2013 14:11
Beale Plc ("Beales")
Interim Management Trading Statement and Trading Update
19 March 2013
The total Group and Like for Like sales including concessions and VAT were 6.3% lower for the 19 weeks to 16 March 2013 compared to the equivalent period last year.
This decrease was materially represented by the severe weather patterns which affected our high street stores, more so than shopping centres, given their location and the more mature customer base.
The exit from TV and Audio has also had an adverse effect on the sales figures, although the effect at gross profit has been significantly less due to the low gross margins on these products.
Setting aside the weeks where weather had a significant impact on the sales performance, the stores traded well and were marginally below expectations.
The effort and hard work to get the stock levels cleansed and ensuring the correct mix of product in the business, has delivered gross margins ahead of management expectations and has assisted in mitigating the drop in sales volume and gross profit shortfall. Management have continued to adopt a fiscally responsible approach which has enabled Beale to achieve ongoing cost reductions.
Michael Hitchcock, CEO, reports,
"The first third of the year has presented some challenges for retailers, nevertheless we have sought to put the right mix of product in front of the customers at the right price and with a higher degree of customer service and the early response is favourable."
For further information:
Beale Plc
Michael Hitchcock, Chief Executive Officer
Tel: 01202 552022
Shore Capital
Anita Ghanekar
Edward Mansfield
Tel: 020 7408 4090