18th Mar 2009 15:10
BEALE PLC
INTERIM MANAGEMENT STATEMENT
AGM STATEMENT, TRADING UPDATE
18 March 2009
In his address to shareholders at the Company's Annual General Meeting this afternoon, Chairman Mike Killingley said:
"Like for like sales including concessions but excluding VAT for the 13 weeks to 31 January 2009, our first quarter, were 3.2% less than for the previous year. This is broadly in line with my chairman's statement accompanying the announcement of our results for last year, issued on 29 January.
The Board was pleased that, despite the difficult economic situation, first quarter sales were better than the industry average. However the gross margin was lower than the previous year due to promotional discounting in response to the competitive pressures on the high street over Christmas. Expenses were lower than last year as we continued to focus on cost reduction. There were further encouraging signs of the progress being made in the Group strategy of seeking better own bought margins; in the first quarter these were 4 percentage points better than in the same period last year.
Since the end of the first quarter, trading conditions have remained challenging; the snow in February had a significant adverse impact, but there has been some recovery in sales since then. As a result like for like sales, including concessions but excluding VAT, for the first 19 weeks, to 14 March, were 4.5% below the previous year.
As reported at the end of January, we have renegotiated our banking facilities to secure a £9m loan to February 2011. We have continued to operate well within these renegotiated facilities. The year ahead will continue to be challenging, but the Board believes the strategies and actions being taken will in due course restore the Group to profitability."
For further information:
|
Beale PLC Tony Brown, Chief Executive Ken Owst, Finance Director Tel: 01202 552022 |
Tavistock Communications Lulu Bridges Polly Hutchinson Tel: 020 7920 3150 |
Blue Oar Securities Nick Lovering Tel: 020 7448 4478 |
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