Signs of hope at Beales
Sales up at department store retailer
Sales at regional department store group Beales have shown an upturn over recent weeks.
In a statment to the company’s annual meeting chairman Mike Killingley said the 12 store business, which confirmed last month that it has received a takeover aproach, “will pursue its primary duty to explore all opportunities to maximise shareholder value,” but did not refer specifically to the potential bid.
In January, the company said that gross sales after the first 11 weeks of our current financial year were 3.6 per cent down on a like-for-like basis.
Killingley said: “Since then, although trading conditions remain challenging, the sales trend has improved slightly. For the nine weeks to March 19, gross sales were up 3 per cent on those for the equivalent period last year, so that for the first 20 weeks of our current financial year they were 1.5 per cent below those for the previous year.
“It should be pointed out that the periods this year and last year are not absolutely comparable, because our spring mid season promotion commenced last week, a week earlier than in 2004.
“A more realistic comparison to week ended 12 March shows that for the eight-week period since our last statement gross sales were 1.9 per cent above previous year. Cumulative group gross sales for the 19 weeks to that date were 2 per cent below last year.
“We continue to believe that the action we have taken over the last two years to improve our product range and our stores is making a difference. This, and the strengthening of our buying and merchandising team, will be particularly beneficial when, as we believe will happen, the trading environment improves.”
