Beale restructuring as like-for-like sales plummet

Tough retail conditions and reduced offers have seen a dramatic drop in like-for-like (LFL) sales at department store chain, Beale.

LFL sales in the first 19 weeks of the year were 8.4% lower than the previous year.

Beale says it was "significantly adversely affected by the difficult economic conditions". It also reduced the frequency of its 'mega day' discount events, further reducing turnover.

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Total sales increased by 45.9% because of the acquisition of 19 department stores from Anglia Regional in May of last year.

The performance so far this year has prompted Beale to start what is described as a "major" restructuring review although the company says trading is consistent with the board's expectations.

It certainly isn't consistent with what the market wants; the shares had fallen 6.6% by 08:18. Since 2007 Beale has lost 59% of its value.

BS