10th Sep 2009 07:00
BEALE PLC
INTERIM MANAGEMENT STATEMENT
TRADING UPDATE - SEPTEMBER 2009
10 September 2009
A number of initiatives are now starting to have a positive effect on the business. Beales will launch "GIVe", the new fashion brand of George Davies, in all eleven stores on 1 October. The retail outlook continues to be challenging, but the Board believes the strategies and actions that have been and are being taken are beginning to show improving returns. We shall report more fully on progress when we announce our results for the 52 weeks ending 31 October 2009.
Like for like sales including concessions but excluding VAT for the 43 weeks to 29 August 2009, were 3.3% lower than the previous year. Recent weeks have shown an improving trend.
The Board is particularly pleased to report that, despite the difficult economic backdrop, the achieved gross margin including concessions for the second half-year is more than 2.0% higher than the previous year. There were further encouraging signs of the progress being made in the Group strategy of seeking better own bought margins; the cumulative buying-in margin was 4.5% better than in the same period last year.
Expense control remains a priority, with costs for the period being lower than the previous year. Well-controlled stock management has ensured that we have continued to operate well within our banking facilities.
For further information:
|
Beale PLC Tony Brown, Chief Executive Ken Owst, Finance Director Tel: 01202 552022 |
Astaire Securities Lindsay Mair Tel: 020 7448 4400 |
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