Beale trading below expectations
Like-for-likes fall sharply
October 3 2002
Department store operator Beale has been hit by a fall in fashion sales.
The company, which operates 12 regional stores across England, saw like-for-like sales fall 5.8 per cent in the eight weeks to September 28.
Beale, which has added three stores in the past year, said in a trading statement that difficult trading circumstances have also hit the newly acquired stores and that second half profits will be below expectations as a result.
With progress being made in both controlling costs and revamping product ranges, Beale said it is confident that the Group’s performance for the next full year trading year will still show “considerable profit growth,” and its investment programme will continue.
Chief Executive Allan Allkins said: “This has been a most disappointing trading period which, coupled with intense activity for the Group, has regrettably impacted upon our short term profit performance. However there has been considerable progress made over this period and we believe that the hard work will result in significant profit growth, even though we are facing difficult market conditions.”
