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Joplings Department Stores
19 January 2005

Sale of Sunderland and Hexham Department Stores

The Board of Merchant Retail announces it has exchanged contracts for the sale of its department stores in Sunderland and Hexham to Owen Owen Limited, a Liverpool based department store operator. The two stores are being sold as going concerns for an aggregate consideration of £5.0 million, plus stock valued at a cost of approximately £3.0 million. Consideration is payable in cash at completion which is expected to take place on 28 February 2005.

The transaction is in line with the Group’s stated strategy and completes its disposal of the Joplings Department Store Division in the North-east of England. The Group is now focused on the continued development of The Perfume Shop in the UK and Australia and the de Gruchy Department Store on Jersey.

In the year ended 27 March 2004 the Sunderland and Hexham department stores contributed profit, before interest, tax and divisional central costs, of £2.0 million. The net book value of the properties being disposed of, as at the interim balance sheet date of 25 September 2004, was £11.6 million. The transaction will generate an exceptional loss on disposal of £6.6 million.

As set out in the announcement of 12 July 2004, the Group intends to reinvest the proceeds of the disposal in the continued development of the Group.

The Group retains the loan book and operations of JFS - its Joplings store card business. The Joplings store card will continue to operate until at least 1 September 2005. The book value of the JFS loan book, as at 25 September 2004, stood at £4.8 million.

The full trading impact, for the current financial year, from the Joplings division will be influenced by a successful closing down sale at Tynedale Park and the level of trading at Sunderland and Hexham up to completion of the disposal. An update on the trading performance of the Group, including the impact of the Joplings disposal, will be given in a pre close trading statement.

The Board of Merchant Retail would again like to express its sincere gratitude to, and appreciation of, the employees throughout the Joplings store portfolio who continue to show great commitment and professionalism during this process.


Contacts:

Merchant Retail: 01494 894000
Philip Newton, Chief executive
Chris Lamont, Finance Director

Bell Pottinger Financial: 0207 861 3232
Ann-marie Wilkinson

Christmas Trading Statement
19 January 2005

EXCELLENT GROUP PERFORMANCE

TRADING STATEMENT ON 8 AND 41 WEEKS TO 8 JANUARY 2005

The Perfume Shop
• Like for like sales +6% in the 8 week period
• Like for like sales +6% in the 41 week period
• Overall sales +16% in the 41 week period

Joplings
• Like for like sales +1% in the 8 week period
• Like for like sales +7% in the 41 week period

De Gruchy
• Like for like sales +1% in the 8 week period
• Like for like sales +2% in the 41 week period


Merchant Retail Group plc is pleased to report another strong group performance.

Group sales for the 8 weeks to 8 January 2005 were up 8% on the same period last year and 5% up on a like for like basis. In the 41 weeks to 8 January 2005, overall Group sales were ahead 11% against the same period last year and 6% up on a like for like basis.



The Perfume Shop

The Perfume Shop has continued to prove its resilience in a challenging trading environment. The 111 branches delivered a strong overall sales increase of 13% for the 8 weeks and 6% on a like for like basis in spite of problems with the new EPOS system. Like for like sales in the 41 weeks to 8 January 2005 were up 6% with overall sales for the period up 16%.

Joplings

Joplings like for like sales were up 1% in the 8 weeks and 7% in the 41 weeks to 8 January 2005.

A significant sales contribution was achieved but at a cost to margin that reflects the closing down sale principally at Tynedale Park which will cease trading at the end of January.

De Gruchy

Like for like sales at de Gruchy were up 1% in the 8 weeks and 2% in the 41 weeks to 8 January 2005.

Outlook

The December performance was in line with our expectations and although the full year performance will be subject to the outcome of the final phase of the Joplings disposal, we are confident in the strength of our underlying businesses.

Note
1. “Sales” includes concession sales on a gross basis.

For further information please contact:

Philip Newton, Chief Executive 01494 894000
Ann-marie Wilkinson, Bell Pottinger 020 7861 3232
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