Ideal Shopping Direct PLC
07 May 2008
For Immediate Release 7 May 2008
IDEAL SHOPPING DIRECT PLC ("Ideal")
AGM STATEMENT
At its Annual General meeting today, David Williams, Chairman, gave the
following update on Ideal's trading performance for the first 18 weeks of 2008:
"As reported in our preliminary results announcement on 4 March 2008, sales for
the first nine weeks of the year were 6.4% ahead of the comparable period in
2007. Since the end of March we have seen slower activity, and this has resulted
in sales growth of 2% for the first 18 weeks of 2008. This compares with a
strong start to last year. Recent slowing of sales has, however, been
accompanied by a strengthening in gross margins. We have continued to gain new
customers, adding more than 130,000 in the first 18 weeks.
Having invested in our core infrastructure in 2007, the business will benefit
from a number of key developments over the next few months. Superstore is
tracking ahead of plan and remains a cornerstone in our sourcing strategy. We
will be relaunching our websites in June, and we are continuing to build our
craft business aggressively, including the subscription base. In quarter three,
we will introduce a new automated phone ordering system, as well as launching
onto the BT Vision platform. In quarter four, with our customer services
operation back in the UK, we will be relaunching our main channel, Ideal World.
The Board considers that these factors position Ideal to further drive sales and
strengthen its market position. Nonetheless, it is clear that the UK consumer
market is now in uncertain times, and we remain cautious in the light of a
tougher economic climate."
Enquiries:
Ideal Shopping Direct plc: Tel: 08700 780704
Andrew Fryatt, Chief Executive Officer
David Blake, Finance Director
Buchanan Communications: Tel: 020 7466 5000
Richard Darby/Nicola Cronk
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 Vitality' 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 Vitality' and 'Create and Craft' are niche channels selling health and
beauty and craft products respectively, whilst 'Ideal World' offers a broader
selection of general merchandise with six product categories, led by Fashion,
Leisure and Craft along with Home, Health & Beauty and Jewellery.
Ideal acquired Superstore TV, a sourcing and wholesale business supplying
products to Asda, Wilkinson and Dunelm as well as Ideal.
This information is provided by RNS
The company news service from the London Stock Exchange
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