Brown & Jackson seeks better times Instore
Conversion programme for Poundstretcher store stepped up
February 26 2004
Value retailer Brown & Jackson is stepping up the transformation of its underperforming Poundstretcher chain as it nears the end of a tough year.
In a pre-close trading statement, the company confirmed that it is unlikely to make a profit in the finacial year ending on February 28. Last month, the company revealed a 6.3 per cent fall in like-for-like sales in the 13 weeks to January 3.
There is a stark contrast in performance between the Poundstretcher chain and the new Instore format developed under chief executive Angus Munro, the former boss of Matalan.
[img r]poundstretcherstore.jpg[/img]Total group sales in the seven weeks since January 4 are up 6.7 per cent year-on-year. Like- for-like sales in the seven pilot Instore outlets grew by 28.3 per cent, with like-for-likes in the rest of the estate up 4.9 per cent.
The company said it expects to convert up to 60 stores to the Instore format during the upcoming financial year as part of a three year plan to transform the store estate.
Monro said: “It has been a difficult second half to our financial year. However we are recovering well and, encouragingly, Instore continues to perform ahead of expectations.
“We will continue to push ahead with operational improvements to the group and we look forward to a better 2004/5.”
