19th Sep 2013 07:49
LONDON (Alliance News) - Beale PLC Thursday said group sales including concessions and VAT were 11% lower for the 19 weeks to 14 September and 8.4% lower for the 45 weeks to 14 September, compared to the same periods last year.
In an interim trading statement, the retailer attributed the fall to the closure of loss-making stores, namely in Skipton, Maidstone and Cinderford.
Like-for like-sales including concessions and VAT were 7.7% lower for the 19 weeks to 14 September and 7.3% lower for the 45 weeks to 14 September, compared to the same periods last year.
Beale said its exit from low-margin TV and audio markets had a material impact on sales, although the impact on gross profit was not as material, while wet weather conditions also affected sales.
In response, the firm said it was working on stocking to ensure the correct mix of product, resulting in a higher-quality and cleaner stock profile and less discounting. This has resulted in improved gross margins during the period under review, mitigating some of the volume gross profit reduction, it added.
Beale shares were quoted unchanged at 11.50 pence Thursday.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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