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.
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 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
-
Are you one of 15 million people at risk of retirement poverty?Two-fifths of people in the UK aren’t on track for a minimum lifestyle in retirement, new data shows. Are there steps you can take to boost your pension?
-
150 banking hubs now open across UK – is there one near you?As the 150th banking hub opens its doors, a Post Office deal that offers basic banking services has also been extended until 2030. We explain what this means for you
