Perfume Shop strongest performer for Merchant Retail
Group sales up 13 per cent in Christmas trading
January 13 2003
Merchant Retail Group has reported group sales up 13 per cent in the seven weeks to January 4, with an 8 per cent like-for-like increase.
In the 40 weeks to January 4, overall sales for the group which operates the Perfume Shop chain, Joplings department stores, and the De Gruchy department store on Jersey, were up 13 per cent and 8 per cent on a like for like basis. The Perfume Shop had a very strong Christmas, while performance at the department stores reflected “a much more difficult trading environment.”
The Perfume Shop saw like-for-like sales up 13 per cent in the 7 weeks to January 4, with like-for-like up 15 per cent in the 40 weeks, and 23 per cent overall. Nine new stores were iopend, bronging teetotal to more than 90, with four more stores acquired and a further eight planned for 2003.
Joplings saw like for like sales down 1 per cent in the seven week period, and up 4 per cent in the 40 weeks. De Gruchy like for like sales were down 3 per cent in the seven weeks and 4 per cent in the 40 weeks.
The company said that “slower trading conditions reported by other retailers has had an impact on the department store division,” but that the four mainland Joplings stores remain highly profitable. At De Gruchy, improvements implemented to Jersey’s largest department store have provided a firm base for growth despite a downturn in the island’s economy.
Merchant Retail said: “The outstanding results from The Perfume Shop and the resilient performance from the department stores division gives us confidence for the future. Based on the important sales figures for the pre-Christmas and January sale period, we anticipate being able to report healthy full year results in line with market expectations.”
