Sales bloom at Wyevale
Garden centre retailer trading well as peak sales period loom
Wyevale Garden Centres has made a strong start to its key sales season.
In a statement to shareholders coinciding with the company’s annual meeting, Wyevale said sales for the 16 weeks to April 24 were up 13.3 per cent, with like-for-like sales up 11.0 per cent.
Eleven centres redeveloped in for the start of the 2005 season have outperformed underlying like-for-like sales by 8.6 per cent, while six 2004 redevelopments are showing significant increases.
The 16 week period typically accounts for 27 per cent of Wyevale’s annual sales, while the next 10 weeks typically account for 31 per cent.
Chairman David Williams said: “I am encouraged by the performance overall and in particular of the centres in which we have invested.”
Updating shareholders on the recently-launched strategic review of the Williams said: “Firstly, we have appointed Strutt and Parker to review our property portfolio specifically by conducting a detailed survey and analysis of all our sites. The review will inform us of both existing values within the portfolio as well as any future alternative value that might exist.
“Secondly, we are carrying out a thorough review of our retail format, ranges and overall retail capability to assess with absolute clarity our consumer proposition and the maximum returns that can be earned from the underlying business as well as on any incremental investment. I anticipate that we will make a further announcement on this in the next few days.
“Thirdly, we continue to consider acquisitions where there is a market opportunity suited to our larger destination centre format. I would emphasise however that my primary focus is to drive up the returns in our existing business.”
