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08/01/2009
Peacocks Expands Sales, Pushing Forward Expansion
Another high street fashion chain has managed to buck gloomy retail trends through Christmas sales growth, prompting the group to steam ahead with expansion plans.
Peacocks said it plans to open 50 new stores over the next two years, generating around 750 for the UK economy.
The privately-owned group, which trades out of 526 store nationwide, has also released details of a new financing package.
Shareholder have invested a reported £20m into the business.
During the two weeks proceeding 3 January, Peacocks increased like-for-like annual sales by 22%.
A spokesman for the group said gross margin was "strongly positive".
For its third quarter to 3 January sales were up 1%, while gross profit grew by 5%.
"The company's value brands are well positioned in today's market conditions to continue their out-performance against the general apparel market," said a spokesman.
"As a result the board, supported by the company's shareholders, plan to take advantage of the much more favourable terms on which long term leases for good stores can be agreed," added the Peacocks official.
Earlier this week, discount retailer New Look announced a 2.8% quarterly sales growth, which will help bolster the firm's plans to expand offerings in the UK, and franchise ventures in Russia.
High street performance has been slightly worse for top-end retailers such as Next, Debenhams and Marks and Spencer, which has already announced a number of store closures and over 1,000 job cuts.
(PR/JM)
Peacocks said it plans to open 50 new stores over the next two years, generating around 750 for the UK economy.
The privately-owned group, which trades out of 526 store nationwide, has also released details of a new financing package.
Shareholder have invested a reported £20m into the business.
During the two weeks proceeding 3 January, Peacocks increased like-for-like annual sales by 22%.
A spokesman for the group said gross margin was "strongly positive".
For its third quarter to 3 January sales were up 1%, while gross profit grew by 5%.
"The company's value brands are well positioned in today's market conditions to continue their out-performance against the general apparel market," said a spokesman.
"As a result the board, supported by the company's shareholders, plan to take advantage of the much more favourable terms on which long term leases for good stores can be agreed," added the Peacocks official.
Earlier this week, discount retailer New Look announced a 2.8% quarterly sales growth, which will help bolster the firm's plans to expand offerings in the UK, and franchise ventures in Russia.
High street performance has been slightly worse for top-end retailers such as Next, Debenhams and Marks and Spencer, which has already announced a number of store closures and over 1,000 job cuts.
(PR/JM)
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UK Retail Sales Jump
Retail sales between January and February grew by 2.1%, it was revealed today. It was the most significant upward trajectory since May 2008, when sales volume leaped by 2.9%. However, the Office of National Statistics said January data has been revised down, mainly due to late returns and revisions to existing data.
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ONS reports retail sales ‘restrained’
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Figures show slide in retail sales growth
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