RNS Number : 4606Z
16 March 2012
INTERIM MANAGEMENT STATEMENT AND TRADING UPDATE
TRADING UPDATE - MARCH 2012
16 March 2012
The Company reports that the total Group gross sales including concessions and VAT for the first 19 weeks of the year, to 10 March 2012, were 45.9% higher than the previous year. This increase was driven by the acquisition of 19 department stores from Anglia Regional Co-operative Society Limited which was completed on 22 May 2011, which increased the number of stores that the Group operates from 13 to 32. The Group has reviewed its trading stance over the period and reduced the frequency of 'mega day' discount events and consequently like for like sales including concessions and VAT for the 19 weeks to 10 March were 8.4% lower than the previous year.
As noted in the Annual Report, trading in the current year has been significantly adversely affected by the difficult economic conditions faced by all retailers. With this in mind the Group has undertaken a major restructuring review of its operations and is in the process of implementing a series of strategies which were identified during the course of the review. Trading to date is consistent with the Board's expectation of total year performance.
For further information:
Tony Brown, Chief Executive
Ken Owst, Finance Director
Tel: 01202 552022
Tel: 020 7408 4090
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