Tradehold
Tradehold Limited
(Incorporated in the Republic of South Africa)
(Registration number 1970/009054/06)
Share code: TDH ISIN: ZAE000026902
Shareholders" attention is drawn to the statement made by Dr Christo Wiese,
chairman of Tradehold"s subsidiary, Brown & Jackson, at that company"s annual
general meeting held in London on 29 July 2003 and which reads as follows:
"For the 22 weeks ending 26 July, sales have continued to strengthen with
Poundstretcher total sales up by 7,6% and like for like sales up 5,5% compared
to last year.
"Margins are in line with expectations and stock levels continue to be
significantly lower than last year and at present the company remains debt free.
"The Poundstretcher store modernisation programme is continuing and 50 stores
have now been modernised with sales well ahead of expectations. In the 22-week
period six new stores have been opened, one store has been relocated and another
extended. Three outlets have been closed and disposed of.
"As previously announced, the pilot of our new brand is on schedule and during
September/October seven stores are to be re-branded as `INSTORE". The trial
stores will offer customers a new and significantly improved retail environment
together with a much improved range of products. An announcement on the outcome
of the pilot will be made at our preliminary results in April next year.
"We are delighted with the progress that has been made to date. Management and
staff deserve great credit for what has been achieved in a relatively short
space of time.
"The programme of modernisation will continue with a further 40 stores to be
modernised by the end of September this year, in addition to the conversion of
seven stores to `INSTORE". The programme of range change will also continue
with 70% of our ranges improved by the end of September.
"We next update the market at our interims on 9 October and we anticipate that
the aggressive pace of store modernisation and programme of range change may
result in slightly lower rates of growth than those just reported. The
comparable period last year was also a period of exceptionally high mark-downs
to clear significant terminal stocks.
We remain confident of a full year outcome in line with market expectations".
For and on behalf of the Board
C Moore
Executive director
29 July 2003
Sponsor
BJM Corporate Finance
Date: 30/07/2003 02:53:15 PM Supplied by www.sharenet.co.za
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