24th Oct 2014 07:20
LONDON (Alliance News) - John Lewis of Hungerford PLC Friday reiterated that it expects to report a lower operating profit for its last financial year, as investments in new showrooms and costs relating to its unprofitable Wilmslow concession more than offset sales growth.
It expects to report a rise in sales to GBP7.4 million for the year to August 31, lifted by better trading performance and contributions from its new Chiswick showroom and new bedroom range. It added that positive trading momentum has continued into the first quarter.
Like-for-like installed kitchen sales, which excludes sales from showrooms opened or closed in the year to August 31, rose 6% to GBP6.9 million.
The company said orders and sales so far in the first quarter have reached GBP2 million, up from GBP1.7 million last year, helped by new store openings, while like-for-like sales growth is up 6%.
John Lewis of Hungerford shares were down 7.4% at 1.25 pence early Friday.
By Ian Edmondson; Copyright 2014 Alliance News Limited. All Rights Reserved.
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