Toy shops suffer in tough Christmas
Friday 17 January 1997
John Menzies' half-year pre-tax profits fell by a third as a result of poor sales at its Early Learning Centre stores which cater for children aged up to five.
Hamleys also said Christmas trading was disappointing. It said trade started well at the beginning of December, then tailed off in the middle of the month before a late recovery. "Overall we were a little disappointed with Christmas," Hamleys director Michael Riddy said.
He said that even Hamleys' flagship Regent Street store in London had been quieter this year. Group sales in the five months to December increased by 3.6 per cent on the same period last year.
Analysts said that in addition to competition from computer games and sportswear brands, some toy retailers had been hit by aggressive pricing from Woolworths.
The poor figures from John Menzies forced the shares 67.5p lower to 477.5p. Pre-tax profits fell by pounds 1.2m to pounds 2.6m in the six months to 2 November due to difficulties in the retail division. Like-for-like sales were 1 per cent lower in the core chain with music and video sales disappointing. But in the eight weeks to 28 December sales were lower than expected with a 7 per cent slump at Early Learning Centre.
John Menzies' new managing director, David Mackay, said the problems were due to increased competition, internal mistakes and demographic changes which were resulting in fewer young children.
- 1 Man on naked bike ride gets ejected after becoming aroused
- 2 Fifa corruption: Europe plots to stage an 'alternative World Cup' in place of Russia 2018
- 3 How much sex should I be having?
- 4 Jaden Smith wears gender fluid dress to high school prom with Hunger Games actress
- 5 Live football streaming sites Rojadirecta, LiveTV and Drakulastream all completely banned from UK browsers
Caitlyn Jenner, formerly Bruce Jenner, reveals new look on Vanity Fair cover
Russian military jets and US destroyer clash in Black Sea 'posing danger to stability'
Ed Miliband returns to the backbenches but it's all a bit awkward as he tries to avoid eye-contact with fellow Labour MPs
Photographer who performed naked shoot in China's Forbidden City sparks outrage
Man on naked bike ride gets ejected after becoming aroused
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
£23000 - £25000 per annum: Recruitment Genius: They win lots of awards for the...
£13500 - £20000 per annum: Recruitment Genius: This nationwide enforcement com...
£25 - £30K: Guru Careers: We are seeking a highly-motivated and ambitious Comm...
£30 - 35k: Guru Careers: We are seeking a Pricing Analyst to join a leading e-...