Beale, the department store chain, says retail sales in November saw "unprecedented" declines, which the group attributes to worries over the Eurozone affecting consumer behaviour.
Like-for-like sales in the 11 weeks to January 14th were 7.0% below the prior year. Gross sales, which include 19 newly acquired stores from the Anglia Regional Co-operative Society (ARCS), were up by 47.7%.
Over the full year pre-tax profits for the group were £0.54m versus a loss of £0.67m in 2010.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Total revenues for the year were £62m, 27.6% up on 2010, although again the like-for-like figure is not as impressive, down 9.3%. Meanwhile, gross margins fell from 53.7% to 51.3%.
Beale's Chairman, Keith Edelman said the purchase of the ARCS stores "strengthened the balance sheet, helping to withstand an extremely adverse retail environment that currently persists."
The group's Chief Executive, Tony Brown, added: "We continue to review our cost base and to strive to realise the synergies from the integration."
Shares in Beale were down 10% in morning trading. Over the last 12 months the stock has declined 17%.
BS
-
Will Comstock crash – or soar?Opinion The upside for Comstock, a solar panel-recycling and biomass-refining group, dwarfs the downside, says Dominic Frisby.
-
Can new management turn RIT Capital around?After several years of poor performance, there is growing evidence that RIT has turned the corner, says Max King
