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Beales narrows losses

Group loss before tax reduced by 35% to £0.99m from £1.52m in 2008

CITY & CORPORATE

Beales narrows losses

Group loss before tax reduced by 35% to £0.99m from £1.52m in 2008

Results for the 52 weeks ended 31 October 2009 showed losses narrowing to £0.99m compared with a £1.52m loss before. Revenue was £47.6m from £47.9m.

"Sales for the first two weeks of January 2010 have been adversely affected by snow. The areas in which our 11 stores are situated, principally the south, south east and north west of the country were disproportionately affected. For the first 11 weeks of the current financial year (to 16 January 2010) sales excluding VAT were 3.4% below those for the previous year." the company said.

Chairman Mike Killingley said "We expect 2010 to be another challenging year for retailers, as continuing high unemployment and increasing taxation levels affect both spending power and consumer confidence, with the added political uncertainty of a general election this spring."

He added, "We believe that the trading strategy being led by Tony Brown and his team will continue the positive trend of 2008/09, so that we will see further improvement in the performance of Beales over the coming year."

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