‘Confident’ Instore narrows its losses

Apr 30 2008 by Henryk Zientek, Huddersfield Daily Examiner

DISCOUNT retailer Instore said it remained confident – despite posting losses of £7.4m in “extremely challenging” trading conditions.

The Deighton-based group, which trades under the Instore and Poundstretcher names lifted turnover by 6% to £296.8m for the year to March 31.

The losses included one-off costs of £5.1m. The overall deficit of £7.4m compares with £12.3m last time. Operating losses were down to £2.3m from £9.1m.

Instore said tougher trading conditions and rising transport costs contributed to the deficit.

Chairman Christo Wiese said the figures were “disappointing” but said the results represented “a significant advance towards profitability”.

Instore, which acquired 33 Ponden Mill stores at the end of last year, said poor weather was now affecting sales of its gardening products and spring ranges.

But Mr Wiese said: “We remain confident that we have robust plans in place to respond to these challenges.”