Perfume Shop boosts Merchant Retail
Retail group confident in underlying business
The Perfume Shop chain has once again driven sales growth at stores group Merchant Retail.
The group said The Perfume Shop has continued to “prove its resilience in a challenging trading environment”, with its 111 branches delivering an overall sales increase of 13 per cent over the eight weeks to January 8, and up 6 per cent on a like-for-like basis, despite problems with a new EPOS system.
In the 41 weeks to January 8, Perfume Shop like-for-like sales were up 6 per cent, with overall sales up 16 per cent.
The Joplings business, which is earmarked for sale or closure, saw like-for-like up 1 per cent in the eight weeks and 7 per cent in the 41 weeks. The group said a significant sales contribution was achieved at a cost to margin, reflecting the closing down sale at the Tynedale Park site, which has been sold to Tesco and will cease trading at the end of January.
The De Gruchy department store business on Jersey saw like-for-like sales up 1 per cent in the eight week period and up 2 per cent across the 41 weeks.
Group sales were up 8 per cent, and 5 per cent on a like-for-like basis, across the the eight weeks, and ahead 11 per cent, and 6 per cent on a like-for-like basis, for the year to date.
Merchant Retail said: “The December performance was in line with our expectations and although the full year performance will be subject to the outcome of the final phase of the Joplings disposal, we are confident in the strength of our underlying businesses.”
