Perfume Shop openings on target
Merchant Retail confident of year ahead despite department store downturn
June 25 2003
Merchant Retail, department store operator and owner of the Perfume Shop chain, has had a good trading start to its new financial year.
Speaking at the group’s annual meeting, chairman Brian O’Callaghan told shareholders that The Perfume Shop has continued to trade strongly. With eight new stores scheduled to open shortly “we are therefore on target to achieve our store opening programme for the year.”
As previously indicated, the department store sector is proving to be tougher going for the business, with both the Joplings chain and the Jersey-based De Gruchy business no exception to the tough conditions on the high street.
O’Callaghan said: “We remain confident however of the potential that exists within the department store division and the value it creates for Merchant Retail and its shareholders. Our investment plans at both Tynedale Park and De Gruchy continue, reflecting our confidence in our Department Store division.”
The company stressed the importance of the Christmas trading period to both divisions, “and whilst we have demanding expectations for the group, we remain confident of the prospects for another good year.”
