The owner of Beales in Worthing still expects to make a loss this year, despite recent sales success.
A spokesperson for the retail company, which has seen its store numbers cut down to 20, announced the news following its Annual General Meeting (AGM):
“I am pleased to report that in the first nine months of the current financial year J E Beale has continued to make good progress in its turnaround.
“Like many of our competitors, Beales’ sales have struggled. But we have worked hard to maintain gross margins and reduce costs, and we had an excellent Christmas week.”
The spokesperson added that all of its 20 stores ‘should be capable of making profits’, but that the company was not expecting to make an overall profit this financial year.
“We have made considerable progress in turning the business round, but there is still work to be done to bring the group back to a consistent level of profitability,” they added.
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