Trading Statement
January 14 2004 - 1:00AM
UK Regulatory
RNS Number:2003U
Beattie (James) PLC
14 January 2004
Embargoed until 7am 14th January 2004
JAMES BEATTIE PLC
("Beatties" or "the Company")
Trading Update
The Christmas trading period is of extreme importance to the Company's
performance for the year as a whole.
Following the exceptionally mild November, it has been well reported that
Christmas shopping activity was, in general, slow to materialise. The opening of
the new Bullring shopping centre has had a major impact on retailing in the
Midlands and has adversely affected all of our stores in the region, in
particular our Birmingham store which continues to trade below expectations.
Total Sales for the seven weeks to 10th January 2004 were at the same level as
last year. In the same period, like for like sales, ie. excluding our new store
at Telford decreased by 5.9%. This sales performance was also affected by the
widespread sale discounting by many of our competitors during the pre-Christmas
period. The Company decided not to participate in this activity simply to
bolster sales' performance and hence Beatties' pricing integrity and gross
profit margin have not been compromised. Sales at the recently opened store in
Huddersfield and the newly opened Telford store have been ahead of expectations.
The Directors expect the results for the year to be in line with consensus
market forecasts and, given the underlying performance and strength of the
Company, they intend to recommend an unchanged dividend for the year ending 31st
January 2004 of 11.9p per share.
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Further enquiries:
James Beattie PLC
Chris Jones Managing Director 01902 643350
Bill Kelly Finance Director 01902 643352
Weber Shandwick Square Mile
Cass Helstrip 0207 067 0738
Chris Lynch 0207 067 0738
This information is provided by RNS
The company news service from the London Stock Exchange
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