Embargoed until 7.00 a.m. 28 November 2011
JACQUES VERT PLC
Trading Update
At the AGM on 30 September 2011 the Group reported an
encouraging start to the new financial year, with like for
like sales 0.2% higher than the previous year in the 22 weeks
since
1 May 2011. However, at the same time, we also noted a recent
weakening trend in sales and
margin in line with the general retail market.
In the seven weeks since the AGM the Group has continued to
perform creditably, with a modest decline in sales over this
period. Sales for the first 29 weeks of this financial year
are
0.8% ahead of last year and LFL sales are 0.3% lower than
last year. Performance has been impacted by a combination of
weaker consumer confidence and the un-seasonally warm
weather, which has had a material effect on sales of
outerwear, principally coats. Consequentially, margins have
come under pressure as we have responded to promotional
activity in the market and looked to stimulate demand so as
to keep stock levels under control.
As previously reported, the Group is currently implementing
an important change programme including the consolidation of
warehouses into a single site, which has now been
successfully completed, and up-grading IT systems which are
expected to be fully operational before the end of the
current financial year. In addition to the capital cost,
various one-off costs are being incurred, which will mean
that administration costs in this financial year will be
higher than last year. The new systems will deliver
significant operational efficiencies and cost savings going
forward.
As a result of these one-off costs and the margin impact from
recent trading performance, the Board believes that Profit
before tax for the year to end April 2012 will be below its
expectations. The Group's balance sheet remains strong with
positive cash.
CONTACTS: Paul Allen, Chief Executive
Ian Johnson, Group Finance Director
Jacques Vert Plc
Tel: 08700 345636
Alistair Mackinnon-Musson
Nathan Field Hudson Sandler Tel: 020 7796 4133
Email: jacquesvert@hspr.com
Jonathan Wright Seymour Pierce Limited Tel: 020 7107 8000
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28 November 2011 Trading Update |