John Lewis Of Hungerford PLC Pre Close Trading Update (1699V)
October 24 2014 - 2:00AM
UK Regulatory
TIDMJLH
RNS Number : 1699V
John Lewis Of Hungerford PLC
24 October 2014
24 October 2014
John Lewis of Hungerford plc
Pre close trading update
The Board of John Lewis of Hungerford plc (AIM:JLH) provides a
trading update ahead of reporting its results for the year ended
31(st) August 2014, which it expects to announce in late December
2014.
H2 trading
Based on unaudited management information, the Board expect to
report sales for the year to 31(st) August 2014 of GBP7.4 million.
The increase over the GBP6.6 million reported in 2013 reflects a
positive underlying trading performance coupled with contributions
from the new Chiswick showroom and the new bedroom range.
Like-for-like installed kitchen sales, from a comparable showroom
estate, increased by 6% to GBP6.9 million. These sales figures are
based on our statutory revenue recognition policy, which is to only
recognise revenue at the point orders are despatched. The new
Cobham showroom opened on 2nd August 2014, too late to make a
contribution to despatched sales. As previously announced,
operating profits will be below the level reported last year
reflecting, in part, the investments in new showrooms and costs
relating to the closure of the loss making Wilmslow concession.
Current Trading
The positive trading momentum has continued into the current
financial year with forward orders and despatched sales for Q1
standing at GBP2.0 million (2013: GBP1.7 million). The new store
openings are the largest contributing factor to this increase with
like-for-like growth, from a comparable showroom estate, being a
more modest 6%. We believe our forward order book, representing
committed orders for which orders have been taken, to be the best
measure of trading activity. This continued growth is encouraging
and we are pleased with the reaction to our new showrooms.
Nevertheless we continue to caution against extrapolating current
trading patterns due to the high discretionary spend nature of our
business and the strong correlation to wider levels of consumer
confidence.
Enquiries:
John Lewis of Hungerford plc
Malcolm Hepworth, Chairman 01235 774300
Smith & Williamson Corporate Finance Limited
Martyn Fraser 0117 376 2213
This information is provided by RNS
The company news service from the London Stock Exchange
END
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