Tradehold Limited - Trading Update for the 46 Weeks ended 15 January 2005
Tradehold Limited
(Incorporated in the Republic of South Africa)
(Registration number 1970/009054/06)
Share code: TDH ISIN: ZAE000026902
Shareholders` attention is drawn to a statement issued by Tradehold`s
subsidiary, Brown & Jackson plc, on 19 January 2005 and which appears below.
TRADING UPDATE FOR THE 46 WEEKS ENDED 15 JANUARY 2005
Like-for-like sales for the 46 weeks ended Saturday, 15 January 2005, and since
the start of the financial year are up 2,8%. For the six weeks ended Saturday,
15 January 2005, like-for-like sales are down 2,7%.
Margins are in line with expectations and stock levels are significantly down on
last year. In particular, seasonal stocks are now 25% lower than at this time
last year.
We traded through December with 75 `...instore` outlets. The roll-out programme
will continue with at least a further 10 stores to be added in January/February,
and a further 75 stores in the new financial year.
The balance of January and February trading is still reasonably significant in
terms of the full year outcome. Trading in January has been mixed and
consequently, whilst it is still difficult to predict accurately the outcome for
the full year, we have taken the prudent decision to reduce internal profit
forecasts by GBP0,75 million for the full year. It is our intention to update
the market at the end of the financial year in February
Commenting on the trading performance Angus Monro, the chief executive, said:
`In line with a number of retailers we noticed a deterioration in trading from
mid October last year. As a result we acted promptly to reduce forecast sales
for December and in turn stock commitments and costs. We have concluded Xmas
trading with significantly lower stocks than last year and seasonal stocks 25%
lower than this time last year.
`We are continuing with our rollout of `...instore` with a minimum of a further
10 ... instore conversions before the end of this financial year and a further
75 stores next year.
`We look forward to the new financial year, which will be the third year of our
turnaround programme, with a degree of confidence in terms of our new enhanced
distribution centre which will become operational in March this year, our
continued product development and our continued investment in modernising and re
branding our store estate.`
For and on behalf of the Board
Dr C H Wiese
Chairman
19 January 2005
Sponsor
Barnard Jacobs Mellet Corporate Finance (Pty) Ltd
Date: 19/01/2005 01:13:03 PM
Produced by the JSE SENS Department
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
