19 Sep 2012 07:00
Beale Plc
Interim Management Trading Statement and Trading Update
19 September 2012
The total Group sales including concessions and VAT were 2% higher for the 20 weeks to 15 September 2012 and 26% higher for the 46 weeks to 15 September 2012, compared to the same periods last year. This increase was driven by the acquisition of the 19 Westgate Department Stores from the Anglia Regional Co-operative Society Limited in the second half of last year and which anniversaried on the 22 May 2012. Like for like sales including concessions and VAT were 5% lower for the 20 weeks to 15 September 2012 and 6% lower for the 46 weeks to 15 September 2012, compared to the same periods last year.
The sales trend has continued to show some improvement as the second half of the financial year has progressed, despite the third quarter being severely restricted by a number of factors including the inclement weather, major sporting fixtures and the continuing adverse macro-economic environment in the UK.
Investment has been made in gross margin during the last 20 weeks to ensure stock sell through rather than face a future aged stock issue. Some of the impact of both the sales performance and the margin investment has been mitigated by fiscal responsibility measures to reduce costs.
Tony Brown, CEO, reports "the fourth quarter continues to see a sales trend improvement, despite the variable and unseasonable weather patterns, which bodes well for the critical pre-Christmas quarter; the current economic climate remains tough but we are taking the necessary actions to support continued improvements in sales and costs. We are particularly pleased with the response to our loyalty program launched in May, which now has over 130,000 members."
For further information:
Beale Plc
Tony Brown, Chief Executive
Tel: 01202 552022
Shore Capital
Anita Ghanekar
Edward Mansfield
Tel: 020 7408 4090