Business
AGM and IM Statement
AGM and IM Statement.
About this update from Dunelm Group Plc
[{"type":"text","content":"\n Dunelm Group plc\n05 November 2007\n\n\n5 November 2007\n\n\n AGM AND INTERIM MANAGEMENT STATEMENT\n\n\n 18 weeks to 3rd November 2007\n\n\n Continued Progress\n\n\n\nDunelm Group plc, the leading out-of-town specialist homewares retailer, issues\nits first Interim Management Statement in advance of its Annual General Meeting\nto be held today at 3pm.\n\n\nSales\n\n\nFor the 18 weeks to 3rd November 2007, total sales grew by +10.9% and like for\nlike (\"LFL\") sales grew by +5.6%. As expected, these growth rates have eased\nslightly from the high levels reported at the time of our preliminary results\nannouncement, but customers are still being attracted by our retail proposition.\nOur offer continues to benefit from the increased focus given to our in-store\nactivities, following the successful completion of major projects in the early\npart of last financial year: the implementation of major new IT systems,\ncommissioning of our new central warehouse, and our flotation.\n\n\nGross Margin\n\n\nWe have retained a consistent approach to pricing and have not invested in\nunplanned discounts or promotions. We have experienced a year-on-year\nstrengthening of gross margin so far in this financial year.\n\n\nNew Stores\n\n\nSince the start of the financial year we have opened new superstores in Aberdeen\nand Shoreham and these are trading well.\n\n\nWe are now fitting out further superstores in Leeds (a freehold acquisition),\nEastbourne and Bournemouth, all of which were previously announced. Since our\nlast announcement we have also entered into lease agreements in Dumfries and\nPeterborough and have begun fitting out these locations. All are expected to be\nopen for trading by early in next calendar year. Our existing high street shop\nin Peterborough will close.\n\n\nIn addition to the stores already opened and those which we are now fitting out,\nwe have signed leases for superstores in Ebbw Vale and Sittingbourne. The former\nis unlikely to open until our next financial year, but we anticipate that the\nSittingbourne unit will begin trading prior to June 2008. We will therefore have\na total of at least eight superstore openings in the current financial year\nwhich will give us a total of at least 76 superstores trading by the year-end.\n\n\nOpening all of the nine superstores detailed above will involve total cash\ninvestme...