Instore issues profits warning
Instore plc has seen a significant shortfall in sales against internal expectations in the 4 weeks to 11th February 2006
The company said “As a result, full year profits for the twelve-month period to February 25th 2006 will be substantially below current market expectations. Total like for like sales for the 6 weeks ending 15th January 2006 were up
3.8% with …instore up 5.4% LFL and Poundstretcher up 2.0% LFL. In subsequent
weeks, however, like for likes are broadly level, but significantly below internal expectations.
Christo Wiese, Chairman of Instore plc said ‘The downturn in trading against our expectations in the last 4 weeks is disappointing. As a result, we expect the current challenging trading environment to continue and our forward planning reflects this.’
