Peacocks outperforms tough market
Sales up against strong comparatives
Despite comparatives with a strong performance last year as well as a generally tough clothing market, retail group Peacock has reported a healthy first quarter performance.
In the 13 weeks to July 3, total group sales grew by 13.6 per cent, compared to a 17.5 per cent increase a year ago. Like-for-like sales grew by 4.6 per cent, compared to 10.8 per cent a year ago.
The core Peacocks chain saw total sales increase by 18.5 per cent, up on 14.1 per cent growth a year ago, with like-for-like sales up 12.1 per cent. Chairman Gavin Simonds said: “Despite trading against strong prior year comparatives, the Peacocks division has delivered excellent results in both sales growth and margin improvement.
“This performance has been driven by more fashionable product, with ladieswear and footwear performing particularly well. Sales from the early introduction of the autumn transitional product have also been encouraging.”
The group now operates 405 Peacocks stores. The ongoing refurbishment programme saw 24 stores refitted during the quarter, with eight new stores opened, meaning almost 60 per cent of the chain is now trading in the new format.
In the Bonmarche chain, as forecast like-for-like comparatives suffered in comparison to a 15.5 per cent increase last year, falling by 8 per cent. The chain’s spring and summer range was geared to good weather, meaning like-for-like gains during May and early June, fell off significantly in the last two weeks of June. Across the quarter, 11 new stores were added, bringing the chain to 325 stores.
[img r]fragranceshop.jpg[/img]The Fragrance Shop, acquired by Peacocks earlier this year, saw a 65.9 per cent increase in sales, reflecting the roll-out of the chain. Like-for-like sales were up by 6.8 per cent. Two new stores have opened, with at least 20 new stores planned for the current financial year.
Simonds said: “The trading environment remains very competitive, and whilst it is early in the financial year we are pleased to report a positive start.”
