Pre-Close Trading Update
13th January 2009
Ideal Shopping Direct, a leading operator of TV and internet
shopping channels, is today providing a pre close update
for the 52 weeks ended 28 December 2008.
Further to the trading update of 10 December 2008, like
for like sales for the remaining three week period were
slightly ahead of the Board's expectations. Full year sales
were 3% lower than in 2007. Gross margins and overheads
remained in line with the Board's revised expectations,
as indicated in the December trading update.
The Company's cash balance at 28 December 2008 was £8.4
million.
Commenting on trading Mike Hancox said:
"Since my appointment in November, a review
of all areas of the business has been undertaken and a programme
of action to improve sales and reduce costs implemented.
We remain focused on generating improved returns from our
home shopping and internet channels to achieve the best
possible results in the current economic climate."
The Company's preliminary results will be announced on 26
March 2009.
For further information please contact:
David Williams, Chairman
Mike Hancox, Chief Executive |
|
Ideal Shopping Direct |
020 7466 5000 |
Michael Meade, Oliver Cardigan – Nominated Adviser
Mark Lander – Corporate Broking
Numis Securities |
020 7260 1000 |
Richard Darby, Miranda Higham |
|
Buchanan Communications |
020 7466 5000 |
Notes to editors:
Ideal Shopping Direct is one of the UK's leading TV home
shopping retailers. It operates three TV channels ('Ideal
World', 'Ideal World 2' and 'Create and Craft') which are
broadcast on Sky, with 'Ideal World', its core channel,
also broadcast on Virgin and the rapidly expanding Freeview
platform.
'Ideal World' offers a broad selection of general merchandise
with six product categories, led by Fashion, Leisure and
Craft along with Home, Health & Beauty and Jewellery.
'Ideal World 2' repeats selected shows of Ideal World and
'Create and Craft' is a niche channel selling health and
beauty and craft products respectively.
Ideal acquired Superstore TV, a sourcing and wholesale business
supplying products to Asda, Wilkinson and Dunelm as well
as Ideal.
