Trading Statement
January 16 2009 - 2:01AM
UK Regulatory
TIDMINST
RNS Number : 7468L
Instore PLC
16 January 2009
16th January 2009
INSTORE PLC
INTERIM MANAGEMENT STATEMENT
The Board of Instore plc today gave the following update on trading. This
statement constitutes the Company's Interim Management Statement issued in
accordance with the Disclosure and Transparency Rules:
As has been well documented, the Christmas trading period was an extremely
challenging one across the retail sector. In particular the value sector has
been significantly affected by the heavy discounting undertaken by the
administrators of Woolworths throughout the run up to Christmas.
Total sales for the 18 weeks ending 3rd January 2009 were up 0.52% on last year
and down 0.70% on a like-for-like basis.For the final 5 weeks of this period,
total sales were the same as last year and down 1.92% on a like-for-like basis
Within these figures our food and toiletries offer has performed well across our
core estate, and the pilot of the new store layout, which is now in 19 outlets,
has shown an encouraging sales performance. In addition, we have continued to
renegotiate our cost prices through direct sourcing and to significantly reduce
the cost base. As such, progress towards restoring the longer term
profitability of the Company's core business continues and the Board remains
confident, despite the current difficult trading environment, of the longer term
outlook.
If the Ponden Mill stores are excluded, the Board expects to report a similar
level of loss pre exceptionals for the year as was reported for the year ending
1st March 2008.
The performance of the Ponden Mill stores, acquired in December 2007, has been
disappointing. Of the 33 stores originally acquired, 13 have now been closed and
the Board is considering various options for the future operation of this part
of the Group.
Given the performance of the Ponden Mill stores, and although there remain six
weeks of trading before the year end on 28th February, the Board now expects to
report a full year loss for the Group of between GBP4.5m and GBP5.0m.
Finally, the Board is pleased to report that the Company's banking partners
remain supportive of the initiatives being taken to restore the Company to
longer term profitability.
For further information, please contact
Ebrahim Suleman Group Finance Director 01484
431444
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTGUUGUGUPBGRA
Instore (LSE:INST)
Historical Stock Chart
From Apr 2024 to May 2024
Instore (LSE:INST)
Historical Stock Chart
From May 2023 to May 2024