Delivering profit growth for the seventh
consecutive year

The Perfume Shop

• Sales increased by 17%
• Like for like sales up 6%
• Operating profit increased by 11%
• 16 new stores taking total to 114 including 4 stores trading in Eire
• Australia entry confirmed, 2 stores open since March 2005

Joplings (Discontinued)

• Exit completed realising net cash receipts of £25m
• Trading profits increased despite closure of the division

De Gruchy

• Sales increased by 3%
• Strength in balance sheet through freehold ownership

Outlook

• Like for like sales for TPS up 3.6% in first seven weeks
• Challenging High Street climate and increased competitive pressure make the Board cautious about the medium term prospects for The Perfume Shop

Offer

• Recommended cash offer for the Company of 197p per share (incorporating the proposed final dividend of 4.0p per share)
• The proposed final dividend will only be payable if the offer is not declared wholly unconditional

For further information please contact:
Philip Newton, Chief Executive
01494 894000

Ann-Marie Wilkinson, Bell Pottinger Financial
0207 861 3232/07730 623815

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