3rd Nov 2005 07:00
Beale PLC03 November 2005 3 November 2005 BEALE PLC PRE-CLOSE STATEMENT TRADING UPDATEBeale PLC, the specialist department store operator, announce that gross salesfor the 52 weeks to 29 October 2005, including the full value of concessionsales and VAT, were 1.5% lower than the previous year. Like for like sales forthe last 20 weeks of the financial year were 0.6% below those of the previousyear. The full year results will be announced to the market, as usual, at theend of January 2006. Despite the very challenging and competitive retail environment, the Board ispleased that womenswear has returned year on year sales growth, reflecting ourconcentration on an improved mix of concession and own bought merchandise.Whilst classic fashion struggled in some areas, sales of our own exclusive labeland contemporary ranges were very encouraging. Fashion accessories, cosmeticsand furniture also produced sales higher than the previous year and seasonalgifts have started well. Catering and gift food also returned very satisfactorylike for like increases. Audio/TV was introduced into three stores in the springof 2005 and has so far met expectations. We anticipate that it will addsignificantly to our Christmas trading offer. The introduction of haberdashery/crafts and childrenswear into some of our stores has further enhanced our offerin the high streets where we trade. The introduction of a wider product offer, largely by concessional arrangement,has enabled further reduction in stocks during the year, with cash managementremaining a key focus. Understandably, the sales achieved by the newconcessions, being at lower margin, has reduced the overall percentage of grossprofit achieved. SALES OF MINOR PROPERTIESDuring October, the Group completed the disposal of two minor stand aloneproperties which enhanced the year-end cash position by £590,000 and thecontribution from the sales will be included in the year end results. BOARDBarbara King joined the Board from Jenners of Edinburgh as Buying andMerchandise Director on 31 October and we believe that her leadership skills andconsiderable experience of all aspects of department store retailing make herparticularly well qualified to develop the buying team and improve our productrange. OUTLOOKWe expect the trading environment during the all-important Christmas period tobe extremely competitive and any increased promotional activity is likely toadversely affect margins. However, we are confident that we now have the rightteam in place to meet the challenges of what we believe will continue to be adifficult trading environment in 2006 and the Board's attention will remainfocused on the further enhancement of the product mix, control of costs and theimprovement of sales and margins. For further information: Allan Allkins, Chief ExecutiveKen Owst, Finance DirectorBeale PLCTelephone: 01202 203448 Barrie NewtonRowan Dartington & Co LtdTelephone: 0117 925 [email protected] Lulu Bridges / Paul DulieuTavistock CommunicationsTelephone: 020 7920 [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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