Interim results for the 26 weeks ended 30 July 2011

 

15 September 2011

 

'Delivering Value' progress

Progress to date (Feb 2011 to July 2011) and milestones for the remainder of the year

4. Rolling out in Eastern Europe

6% space added since last year end. Double-digit profit and sales growth.

2011/12 first half progress

  • Opened 6 new stores, 2 in Poland, 2 in Russia and 2 in Turkey
  • Direct sourcing shipments in Poland and Turkey ahead of full year target (to increase by over 50%), benefiting gross margin
  • Opened 'city store' format in Moscow (housing 90% of current product ranges in 65% of the space)

2011/12 second half milestones

  • Open a further 10 new stores, 4 in Poland, 2 in Russia and 4 in Turkey, adding around 17% new space for the full year
  • Direct sourcing shipments in Poland and Turkey to continue to grow ahead of target