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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Strategic Ret. | LSE:SRR | London | Ordinary Share | GB0033995894 | ORD 0.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 1530J Strategic Retail PLC 28 November 2008 STRATEGIC RETAIL PLC Interim Results for the six months ended 30 August 2008 CHAIRMAN'S STATEMENT Strategic Retail plc, the national retailer of soft furnishings, furniture and DIY products from stores located in either high street locations or retail parks, announces today its unaudited interim results for the six months ended 30 August 2008 and provides an update on current trading and prospects. With the events in financial markets across the world in recent months, consumer confidence has reduced substantially. As a consequence, trading conditions have deteriorated significantly in the UK. The board of directors is taking all appropriate measures to deal with the current challenging economic environment and is maintaining a regular dialogue with the Company's bankers, in common with most other businesses exposed to the retail sector. We have had to look very carefully at our strategy in response to this significant deterioration in trading. Overall our like-for-like sales performance has deteriorated by some 6% in the 26 weeks to 30 August 2008. The deterioration has been especially acute in the larger out-of-town Texstyle World stores which are trading some 11% down on a like-for-like basis. This is especially disappointing when you consider that these stores had been trading 2.5% up in the 53 weeks ended 1 March 2008. The Leveys business has also shown a disappointing reversal in trends by trading some 7.8% down in the 26 weeks to 30 August 2008 compared to being up some 6.4% in the 53 week period ended 1 March 2008. The Fads stores remained at some 2% down on a like-for-like basis over both periods. In addition, average gross margins have declined from 49.2% to 47.4% and distribution costs have increased with the addition of larger stores in out-of-town retail parks (distribution costs in the 26 weeks ended 30 August 2008 were £4,139,000 versus £3,962,000 in the 26 weeks ended 25 August 2007). We opened new stores located in Sheffield and East Kilbride in the early part of the year as we had committed to these openings during the previous year. Plans for other new store openings have been cancelled. The new store openings were funded in part by reverse premiums offered as an incentive by landlords. Our revised strategy has been to try to reposition the sales offering in the stores towards discount products as demand has diminished for more expensive products. This transition has been difficult and profit has suffered due to the necessity to generate cash. We are currently implementing a stock reduction programme which, it is intended, will fund the transition to products that will be perceived as offering increased value for money. In the current environment the directors continue to review all options and will provide an update when it is deemed appropriate. CONSOLIDATED INCOME STATEMENT For the six months ended 30 August 2008 Six months ended Year ended 30 August 25 August 2007 1 March 2008 2008 £000 £000 £000 (Unaudited) (Unaudited - (Audited) restated) REVENUE 8,933 9,886 19,918 Cost of sales (4,695) (5,023) (10,150) GROSS PROFIT 4,238 4,863 9,768 Distribution costs (4,139) (3,962) (7,820) Administrative expenses (893) (878) (1,791) GROUP OPERATING PROFIT (794) 23 157 Finance revenue - 1 2 Finance costs (61) (50) (139) (LOSS)/PROFIT BEFORE TAXATION (855) (26) 20 Taxation - - (165) LOSS FOR THE PERIOD ATTRIBUTABLE TO EQUITY SHAREHOLDERS (855) (26) (145) EARNINGS PER SHARE - Basic and diluted (3.94)p (0.12)p (0.67)p CONSOLIDATED BALANCE SHEET At 30 August 2008 30 August 2008 25 August 2007 1 March 2008 £000 £000 £000 (Unaudited) (Unaudited - restated) (Audited) ASSETS NON-CURRENT ASSETS Intangible assets 3,731 3,908 3,731 Property, plant and equipment 1,808 1,235 1,299 Deferred tax - 150 - 5,539 5,293 5,030 CURRENT ASSETS Inventories 4,035 4,355 4,182 Trade and other receivables 378 483 1,276 4,413 4,838 5,458 LIABILITIES CURRENT LIABILITIES Trade and other payables (3,233) (3,196) (2,946) Financial liability (585) (432) (901) Provisions for liabilities and (130) (208) (162) charges Corporation tax (15) - (15) (3,963) (3,836) (4,024) NET CURRENT ASSETS 450 1,002 1,434 NON CURRENT LIABILITIES Convertible loan notes (1,395) (1,548) (1,353) Provision for liabilities and (784) (821) (794) charges Accruals and deferred income (1,128) (270) (780) (3,307) (2,639) (2,927) NET ASSETS 2,682 3,656 3,537 SHAREHOLDERS' EQUITY Called up share capital 108 108 108 Share premium account 3,688 3,688 3,688 Shares to be issued 21 25 21 Profit and loss account (1,135) (165) (280) SHAREHOLDERS' EQUITY 2,682 3,656 3,537 STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY For the six months ended 30 August 2008 Attributable to equity holders of the parent company Called up share Share premium Shares to be issued Retained earnings Equity capital account £000 £000 £000 £000 £000 Balance at 24 February 2007 108 3,688 25 (139) 3,682 Loss for the financial period - - - (26) (26) Balance at 27 August 2007 108 3,688 25 (165) 3,656 Loss for the financial period - - - (119) (119) Reserves transfer - - (4) 4 - Balance at 1 March 2008 108 3,688 21 (280) 3,537 Loss for the financial period - - - (855) (855) Balance at 30 August 2008 108 3,688 21 (1,135) 2,682 CONSOLIDATED CASH FLOW STATEMENT For the six months ended 30 August 2008 Six months ended Year ended 30 August 2008 25 August 2007 1 March 2008 £000 £000 £000 (Unaudited) (Unaudited - (Audited) restated) CASH FLOWS FROM OPERATING ACTIVITIES Operating profit (794) 23 157 Adjusted for: Depreciation 121 121 286 Goodwill impairment - - 177 Loss/(profit) on disposal of 20 16 (44) property, plant and equipment (653) 160 576 CHANGES IN WORKING CAPITAL Decrease/(increase) in 147 (86) 87 inventories Decrease/(increase) in trade 898 397 (398) and other receivables Increase/(decrease) in trade 287 (920) (1,208) and other payables Increase/(decrease) in (42) (143) (215) provisions Increase/(decrease) in 390 270 780 accruals and deferred income CASH GENERATED FROM OPERATIONS 1,027 (322) (378) Finance costs (61) (50) (68) NET CASH FROM OPERATING 966 (372) (446) ACTIVITIES CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, plant (650) (255) (426) and equipment Finance revenue - 1 2 NET CASH USED IN INVESTING (650) (254) (424) ACTIVITIES CASH FLOWS FROM FINANCING ACTIVITIES Repayment of convertible debt - - (225) NET CASH USED IN FINANCING - - (225) ACTIVITIES NET INCREASE/(DECREASE) IN CASH, CASH EQUIVALENTS AND 316 (626) (1,095) FINANCIAL LIABILITY Cash, cash equivalents and bank overdrafts at beginning (901) 194 194 of period CASH, CASH EQUIVALENTS AND BANK/OVERDRAFTS AT END OF THE (585) (432) (901) PERIOD NOTES TO THE FINANCIAL STATEMENTS For the six months ended 30 August 2008 1. The interim results are unaudited and do not comprise full financial statements within the meaning of Section 240 of the Companies Act 1985. The results for the year ended 1 March 2008 have been extracted from the published financial statements. These were audited and reported upon without qualification by Baker Tilly UK Audit LLP, did not contain a statement under Section 237(2) or (3) of the Companies Act 1985 but did contain a statement under Section 235(2)(2A)(b) of the Companies Act 1985 as replicated below. EMPHASIS OF MATTER - GOING CONCERN In forming our opinion which is not qualified, we have considered the adequacy of the disclosures made on page 21 of the financial statements concerning the directors confidence in the Company and Group's ability to continue as a going concern. The matters explained on page 21 indicate the existence of a material uncertainty which may cast significant doubt about this ability. The financial statements do not include the adjustment which would result if the company was unable to continue as a going concern. 2. Earnings per share has been calculated on the 21,696,713 shares in issue. 3. Copies of the interim report will be sent to shareholders on 28 November 2008 and will also be available from the Company's website at www.strategicretail.co.uk For further information, please contact: Ian Currie, Strategic Retail plc Tel: 0161 831 1512 David Youngman, WH Ireland Limited Tel: 0161 832 2174 This information is provided by RNS The company news service from the London Stock Exchange END IR KVLBLVFBFFBB
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