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TDH
TDH
Tradehold Limited - Instore Plc Trading Statement
TRADEHOLD LIMITED
(Registration number 1970/009054/06)
(Incorporated in the Republic of South Africa)
JSE code: TDH : ISIN: ZAE000026902
("Tradehold")
Shareholders" attention is drawn to a statement issued by Tradehold"s
subsidiary, Instore plc, on 18 January 2006 and which appears below.
INSTORE plc
TRADING STATEMENT
Total LFL sales for the 6 weeks ending 15th January 2006 are up 3.8% with
instore up 5.4% LFL and Poundstretcher up 2.0% LFL. During this period we
traded with 137 instores representing 55% of December"s sales.
Total LFL sales for the 20 weeks ending 15th January (the half year to date) are
up 0.9%, with instore up 1.6% and Poundstretcher up 0.1%.
Margins for the 20 weeks to date continue to be ahead of last year and for the 6
weeks of Christmas trading are broadly level, in the main because of a better
sell through during our clearance activity.
During the Christmas period we achieved strong sales on Christmas and seasonal
ranges and from Homewares. Our improved logistics worked well and, as a result
we achieved a higher than normal sell through on seasonal stocks ending the
period with closing stocks down some 10% on last year"s already reduced levels.
As a result we have identified clear opportunities for further growth next year.
Our new Distribution Centre has enabled a much better flow of stock through our
supply chain and left our stores with far improved on-shelf availability, with
lower stock levels in the business overall. However, in order to ensure a
consistent flow of stock through the warehouse, we have operated our first
Christmas peak with higher levels of staffing than would normally be the case.
We are now focusing on improving labour productivity in the facility, but as
regards our performance to date, operating costs have run ahead of our initial
budgets. When this is added to the competitive gross margin environment, the
result is that we would expect profits before tax and exceptional items for the
year to be below the current market consensus. Whilst there are still some
important trading weeks to come, current trends indicate that we should still be
ahead of last year"s IAS-adjusted profit number of GBP6.8m
Commenting on the results, Christo Wiese, Chairman of Instore plc said:
"We believe this is a satisfactory Christmas performance against the background
of a challenging trading environment and are particularly pleased with the
progress made by instore, which showed strong LFL sales and has clear
opportunities for further growth next year."
For further information, please contact
Instore Plc Angus Monro Chief Executive 0870 240 4600
Gary Brown Finance Director
ReputationInc Tom Wyatt 020 7758 2800
Johannesburg
18 January 2006
Sponsor:
Barnard Jacobs Mellet Corporate Finance (Pty) Limited
Date: 18/01/2006 11:31:36 AM Produced by the JSE SENS Department
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