Mixed fortunes at Merchant Retail
Department stores struggle as Perfume Shop sales rise
Merchant Retail, operator of the Perfume Shop chain and the Joplings department, has continued to see mixed fortunes across the start of the financial year.
In a trading statement coinciding with its annual meeting, chairman Brian O’Callaghan said: “Although this is a very early point in the trading cycle the group has made an acceptable start to the year in what remain extremely competitive trading conditions.”
The company said Perfume Shop sales are in line with the final quarter of last year, while the de Gruchy department store “is showing the early benefit” of an investment in a refit.
[img r]joplingsnew.jpg[/img]O’Callaghan said: “However, sales for Joplings three north east stores have continued to experience stormy waters. The closure of the Leamington store is proceeding to plan and we expect to report firm news of the sale of this property in the autumn.”
He added that the Christmas trading period will be key, “but we remain confident that we have the foundations in place for another year of progress for the group.”
