Peacock maintained its reputation as one of the high street’s strongest performers after unveiling a 4.4% rise in like-for-like sales today.
The group, which runs the Peacocks and bonmarche chains, said in a statement that it continued to perform well despite retail conditions remaining difficult in the 26 weeks to October 1.
Strong demand for womenswear was the driving force at Peacock, as like-for-like sales lifted 5.3% and underlying profits rose by 9.9% on a year earlier.
Peacock also refitted 45 stores during the quarter with almost all of the outlets within the 436-strong division now operating with a new look.
The group – currently the subject of a £404m takeover attempt by management – said its bonmarche business showed signs of recovery, albeit against weak prior year comparatives.
While Cardiff-based Peacock said it was too early to call a sustained improvement, like-for-like sales at the chain were ahead 2.7% after a 7.2% decline for the same period a year earlier.
Underlying profits were flat, against a 5.6% fall last time.
More recent figures for the 13 weeks to October 1 also offer encouragement with the like-for-like sales growth figure improving to 6.1% for the group and 6.3% at the Peacocks chain.
At the Fragrance Shop, which operates from 68 stores, sales were ahead 2.8% on a like-for-like basis in the 13 week period.
Last month it was confirmed that chief executive Richard Kirk, finance director Keith Bryant and operations director Neil Burns were working with Goldman Sachs on a management buy-out (MBO).
Nick Bubb of Evolution Securities said Peacock had performed well, adding that he was sticking by his above-consensus forecast for annual profits of £46.5m, compared with £38.5m last year.
He added: “We thought that there was a risk that management might have taken their foot off the accelerator, but to satisfy their MBO backers they had to keep outperforming – and they have.”
References: EGi News 12/10/05
