Brief: John Lewis Of Hungerford FY Operating Loss Of 191,000
19/12/2019 13:01
Dec 19 (Reuters) - John Lewis of Hungerford PLC JLH.L :
* TURNOVER OF £8.3M FOR FY2019, COMPARED TO UNAUDITED
COMPARISON
FOR 12 MONTHS TO 30 JUNE 18 OF £8.9M
* REVIEW HAS UNFORTUNATELY RESULTED IN A REDUCTION OF
HEADCOUNT
WITHIN BUSINESS
* ECONOMIC CONDITIONS ARE CONTINUING TO BE DIFFICULT,
CALLING OF
GENERAL ELECTION HAS FURTHER DETERIORATED RETAILING ENVIRONMENT
* POTENTIAL FURTHER HEADCOUNT REDUCTIONS IN OTHER SHOWROOMS
* REDUCED OPERATING LOSS FOR FY OF £191K, REDUCED FROM £318K
LOSS
REPORTED IN INTERIMS FOR 6 MONTHS ENDED 31 DECEMBER 2018
* APPLYING STRINGENT CONTROLS ON COSTS AND AS A RESULT HAVE
DRIVEN
C£275K OF COSTS OUT OF BUSINESS IN CURRENT FINANCIAL YEAR
* TAKEN STEPS TO REMOVE C£275K OF COSTS IN THIS CURRENT
YEAR, WITH
AN ANNUALISED BENEFIT OF £450K
* FOR NEW FINANCIAL YEAR DESPATCHED SALES AND FORWARD ORDERS
FOR
FIRST 24 WEEKS OF TRADING STOOD AT £3.8M (2018: £4.6M)
* MAIN FACTORS IN LOSS FOR YEAR ARE CHANGE IN MIX TOWARDS
LOWER
MARGIN OFFERINGS, PRICE INCREASES THROUGH SUPPLY CHAIN
* FUTURE ORDERS AGAINST WHICH FIRST STAGE DEPOSIT TAKEN
STOOD AT
£1.6M (2018: £1.5M) FOR FIRST 24 WEEKS OF NEW YEAR
Source text for Eikon: ID:nRSS5221Xa
Further company coverage: JLH.L
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