22 Oct 2013 07:30
John Lewis of Hungerford plc
Pre-close update
The Board of John Lewis of Hungerford plc (AIM:JLH) provides an update ahead of reporting its results for the year ended 31st August 2013, which it expects to announce in late December 2013.
H2 trading
As announced on 5th July 2013 the Company continued to trade strongly in the second half of its last financial year. Based on unaudited management information, the Board expect to report sales for the year to 31st August 2013 of approximately £6.5 million resulting in a small underlying operating profit.
Current trading
We continue to experience good levels of customer enquiries and orders. Orders and despatched sales for Q1 stand at £1,706,000, an increase of 13% over the corresponding figure in 2012. This growth is encouraging and validates the steps we have taken in recent years to strengthen our business. However, as the experience of 2011 shows caution must be applied in extrapolating current trading patterns given the speed with which changes in consumer confidence impacts on high cost discretionary expenditure business such as ours. A further update on current year trading will be provided with the final results.
Bedroom range
We are pleased with the reaction to the launch of our new bedroom range, which is being introduced in a controlled manner across our business. Whilst it remains very early days, the range is trading in line with our expectations and the new showroom we have incorporated into our existing Wantage premises is generating on average one sale per week. The first of these bedrooms are now being installed into our customer's homes and will be recognised as sales in the current year.
The second phase of the bedroom introduction will see the range introduced across one floor of our Fulham showroom, which is currently being refitted and will be completed in early December in readiness for our winter sale. The updated Fulham showroom will also include new kitchen displays and two new kitchen ranges.
Board changes and strategic three year plan
We have announced separately today the appointment of two new executive directors. Both are already members of the senior management team but their appointment to the Board further strengths our leadership team as we finalise a new three year strategic plan, details of which will be communicated to shareholders with the annual results in December 2013.
Enquiries: | |
John Lewis of Hungerford plc | 01235 774300 |
Malcolm Hepworth, Chairman | |
Smith & Williamson Corporate Finance Limited | 0117 376 2213 |
Martyn Fraser | |