In total group turnover for the nine months to the end of September is down 11.0% with sales in the merchanting division down by 15.6%.
The statement said: "Whilst like-for-like turnover per trading day for this period was down by 16.3% like-for-like sales for the third quarter have improved to 11.9% down as 2008 comparatives ease. Volume relative to peak levels in early 2008 has yet to show signs of sustained improvement and pricing pressure remains with the rate of sales price inflation continuing to decline.
"Total turnover in the general merchanting business is down by 15.9% with like-for-like turnover per trading day down by 16.8%. For this period our specialist merchanting business has total turnover down by 15.0% and like-for-like turnover per trading day down by 15.4%.ADVERTISEMENT
"In Wickes total turnover for the 39 week trading period to 26 September was up 0.7%. For this period like-for-like sales per trading day were up by 0.7%, with core products down by 3.0% but showroom sales up by 20.8%. However, for the last thirteen weeks the total like-for-like turnover per day was up by 7.8%. Overall the investment in increased awareness of our improved kitchen and bathroom ranges continues to be successful.
"With our continuing focus on cost control and cash generation, net debt has continued to reduce in the third quarter from ВЈ527m at 30 June 2009.
"These sales trends mean that the Group trading for the last three months is ahead of our expectations. However, our outlook for 2010 remains unchanged from that stated in our June interim results announced in July and therefore, given the current uncertainty over the course of this current recession, our view of the current market consensus for 2010 also remains unchanged."
Genesco posts $2.7 million second quarter net lossTurnover plummets 40% at A&H Construction & Development