19th Sep 2014 08:04
LONDON (Alliance News) - Beale PLC Friday said total group sales including concessions and VAT were 0.6% lower for the 19 weeks to September 13 and 3.5% lower for the 45 weeks to September 14 compared with the same period a year earlier.
In a trading update, the retailer said the sales decreases included the impact of its decision to close some loss-making stores on cessation of leases and the exit from one store due to landlord site redevelopment on cessation of the lease.
On the other hand, like-for-like sales including concessions and VAT were 1.7% higher for the 19 weeks to September 13 but 1.1% lower for the 45 weeks to September 13, compared with the same period a year earlier.
"The cessation of 'mega' promotions which in the prior year generated heightened sales at little or no margin, the exit from the TV/Audio sector, and the slow start to the current financial year on the back of lower disposable incomes, pulled sales lower," the company said.
However, Beale also said an improving macro-economic environment and a more positive consumer, aligned with a more consistent seasonal weather pattern in the second half of the year, has improved trading markedly.
Operationally, the company said it has made significant strides taking the Beale brand back to its core values of a "local high street department store. This it said, has been reflected in the ongoing sign up of its loyalty card members, which now stands at in excess of 350,000 members.
Beale shares were untraded Friday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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