Ideal Shopping Direct PLC
01 May 2007
Embargoed until 12.00 p.m. 1 May 2007
Ideal Shopping Direct Plc ("Ideal")
1 May 2007 AGM Trading Update
At its Annual General Meeting today Jim Hodkinson, Chairman, will give the
following update on Ideal's trading performance for the first 16 weeks of 2007:
"Last year's renegotiation of the Freeview contract, which extended our presence
on this fast expanding platform until 2018, represented a major strategic
commitment for Ideal. Whilst the cost impact in 2007 is significant, our
performance so far this year is helping us to absorb the short-term negative
impact of this.
The strong trading reported in our 2006 preliminary results announcement in
March has continued to produce encouraging results and, after 16 weeks of
trading, our 2007 like for like sales are ahead by 16%. Like for like gross
cash margin also increased but reflected the more pro-active trading proposition
for Ideal World and was 13% ahead of the same period last year. These
comparatives exclude results from Superstore, which was acquired in June last
year, the Telewest cable platform on which we started broadcasting in January
this year and Jewellery Vault, which closed last year.
Superstore has had a successful start to the year. Shipments to Wilkinsons, our
biggest account win, have started and the business has a strong forward order
book. April also saw the first deliveries to independent retailers following the
launch of our Create & Craft wholesale proposition in February. To date, over
350 retailers have registered to become customers and our offer continues to
attract strong interest in the trade.
Ideal's online business continues to show healthy growth. The Ideal World online
offer has been strengthened and expanded, and the Create & Craft website
continues to benefit from the success of the Create & Craft Club, which now has
over 11,000 members. The company's total online sales in the first 16 weeks of
2007 are up 45% on the same period last year.
2007 has started well and the Board has confidence in the strength of Ideal's
strategic positioning in the TV and online shopping markets."
Enquiries:
Ideal Shopping Direct Plc Tel: 08700 780 704
Jim Hodkinson, Chairman
Andrew Fryatt, CEO
Mike Camp, Finance Director
Reputation Inc Tel: 020 7758 2800
Tom Wyatt
This information is provided by RNS
The company news service from the London Stock Exchange
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