Discount clothing retailer Peacock today said it had started the new year in strong shape after reporting a 10% leap in like-for-like sales.
The Cardiff-based group added that the five weeks to 2 February had also seen a 12% improvement in comparable gross profits over a year earlier.
Growth was strongest at the Bon Marche chain it acquired for £51.3m in July, with like-for-like sales up 18%, compared with 6% at Peacocks stores.
The group also indicated it would meet profits expectations despite challenging trading conditions. Analysts have pencilled in a figure of £22.4m for the year to 31 March compared with £16m last time.
In a trading statement, Peacock said: “This performance encourages management that expectations for the current financial year will be met and that the strategies being implemented across the group will continue to deliver improved performance.”
Last month, Peacock reported 3% growth in overall sales over the Christmas period as store refurbishments and more fashionable ranges boosted trading.
This compared with a 4% drop in sales at its Peacocks stores in the 13 weeks to 30 June last year.
The group has 370 Peacocks stores catering for over-25-year-olds and 275 Bon Marche outlets aimed at women aged over 45.
Peacock, which will report its results in May, also supplies clothes to Woolworths’ larger out-of-town Big W stores. Shares rose 7%, or 5.5p to 88p.
EGi News 06/02/03
