MFI Furniture Group PLC
05 November 2003
5 November 2003
MFI FURNITURE GROUP PLC
TRADING STATEMENT FOR 44 WEEKS TO 1 NOVEMBER 2003
MFI Furniture Group ('MFI'), the UK's leading furniture retailer, announces that
Group sales for the 44 weeks to 1 November 2003 were £1,273 million. This
represents a 16% increase (same store - up 10%) over the same period last year.
Detailed performance is as follows:
Same store Total
% increase % increase
UK Retail 3% 7%
Howden Joinery 28% 38%
Hygena Cuisines 4% 19%
Total Group 10% 16%
This double digit growth demonstrates the success of the Group's commitment in
recent years to developing a wider customer base and introducing new product
categories, and this has provided a greater degree of stability to our overall
performance. Gross margin continues to benefit from improved efficiencies
allowing us the opportunity to support our sales growth in a more challenging
environment.
UK Retail has been more volatile in the second half to date with sales up 3%
(same store - flat), compared to 10% (same store - up 5%) in the first half. We
will have 120 stores in the new format by the end of the financial year, which
we expect to account for 70% of our orders.
Howden Joinery has continued to perform strongly, with same store sales up by
28% compared to the same period last year. We continue to open new depots and
expect to have 301 open by the year-end.
Hygena Cuisines has seen strong sales growth in a difficult French market, with
total sales up 19% (7% after stripping out the impact of exchange rates). We
have 136 stores in France, of which 66 are in the new format.
We will be announcing our Preliminary results for the 52 weeks to 27 December
2003 on 26 February 2004.
Enquiries
John Hancock MFI Furniture Group Plc 020 8913 5319
Chief Executive Officer
Martin Clifford-King MFI Furniture Group Plc 020 8913 5350
Finance Director
Susan Gilchrist Brunswick 020 7404 5959
Katya Reynier
Fiona Laffan
This information is provided by RNS
The company news service from the London Stock Exchange
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