Poundstretcher revamp will double number of stores
Friday 25 April 2003
Brown & Jackson plans to nearly double the number of its Poundstretcher stores to 650 as part of radical overhaul of the discount chain.
There are currently 340 branches of Poundstretcher but Angus Monro, the former Matalan boss who took over at Brown & Jackson last year, says there is scope to open another 300 over the next 10 years.
Mr Monro also plans to change the name of the shops and will test a new fascia later this year. "Tests are under way with staff and customers and we'll start a trial in the autumn," he said.
The comments came as Brown & Jackson unveiled a £23m loss for the 33 weeks to 22 February after heavy exceptional charges. As previously announced there were £20m of exceptionals to cover asset impairment charges and the costs of closing and relocation of certain outlets.
However, Mr Monro said customers were responding to better ranges and improved store lay-outs. Like-for-like sales in current trading are up 5.5 per cent on last year with half the growth coming from new ranges in areas such as babywear and kitchen products.
The group is cutting costs by moving away from sourcing goods from wholesalers and importers to buying direct from factories. Direct sourcing will account for 25 per cent of group sales by the autumn, Mr Monro said, and 40 per cent by next year.
Mr Monro said he was relaxed about the outlook for consumer spending. "I think those fears are a bit overdone. We're trading perfectly well."
The shares closed unchanged at 77p, having doubled since Mr Monro joined last August. Brown & Jackson is now focused solely on the Poundstretcher business after selling loss-making chains such as What Everyone Wants, Your More Store and the Famous Brunswick Warehouse.
- 1 Man on naked bike ride gets ejected after becoming aroused
- 3 Ann Summers survey reveals the UK's favourite sex position
- 4 Jaden Smith wears gender fluid dress to high school prom with Hunger Games actress
- 5 How much sex should I be having?
Ed Miliband returns to the backbenches but it's all a bit awkward as he tries to avoid eye-contact with fellow Labour MPs
Man on naked bike ride gets ejected after becoming aroused
Charles Kennedy 1959-2015: A gifted, compassionate politician whose career was cut short by the 'demon drink' - latest news
Ayyan Ali: Pakistan's top model now appears in the courtroom rather than on the catwalk
Isis tortures 14-year-old Syrian boy and films it in graphic video for 'propaganda purposes'
Migrants in Kos: Photos show real tragedy after Brits abroad complain of 'awkward' holidays
Thousands of teenage girls enduring debilitating illnesses after routine school cancer vaccination
British tourists complain that impoverished boat migrants are making holidays 'awkward' in Kos
Michael Gove determined to scrap the Human Rights Act – even if Scotland retains it
Threat to scrap Human Rights Act could see UK follow Nazi example, warns UN official
Why this year's general election was the most unfair in Britain's history
iJobs Money & Business
£30000 - £35000 per annum: Recruitment Genius: The UK's fastest growing, multi...
£70000 - £90000 per annum: Recruitment Genius: A Financial Reporting Manager i...
£23000 - £25000 per annum: Recruitment Genius: They win lots of awards for the...
£13500 - £20000 per annum: Recruitment Genius: This nationwide enforcement com...