John Lewis Of Hungerford PLC Trading Update (3111J)
June 11 2014 - 2:00AM
UK Regulatory
TIDMJLH
RNS Number : 3111J
John Lewis Of Hungerford PLC
11 June 2014
John Lewis of Hungerford plc
Trading update
The Board of John Lewis of Hungerford plc (AIM:JLH) provides a
trading update following completion of its third quarter.
We continue to trade ahead of the volumes experienced last year
with the aggregate of dispatched sales and the forward order book
at 31 May 2014 standing at GBP6.3 million, an increase of 8.9% over
the comparable period last year. The results are derived from a
comparable showroom estate year-on-year with the current year
including GBP206,000 relating to the new bedroom range (2013:
GBPnil). The forward order book represents committed orders for
which deposits have been taken, which we consider the best measure
of trading activity. Our statutory revenue recognition policy
continues to be to recognise sales only at the point orders are
dispatched. The new Chiswick showroom opened as planned on 17th May
and as previously announced we expect to open our new Cobham
showroom at the end of July 2014.
It remains the case that the length of our sales cycle and
exposure to short term changes in consumer confidence make it
difficult to extrapolate a meaningful full year forecast. However,
the Board remain confident about the outlook for the remainder of
the year although it advises shareholders that operating profits
for the full year are expected to be below the level reported last
year reflecting the investments in new showrooms at Chiswick and
Cobham as part of our three year strategic plan to drive long term
value creation for shareholders.
A further update will be provided to shareholders in due
course.
Enquiries:
John Lewis of Hungerford plc 01235 774300
Malcolm Hepworth, Chairman
Smith & Williamson Corporate Finance Limited 0117 376 2213
Martyn Fraser
This information is provided by RNS
The company news service from the London Stock Exchange
END
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