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PRELIMINARY RESULTS FOR THE YEAR ENDED 27 MARCH 2004
25 May 2004

DELIVERING PROFIT GROWTH FOR SIXTH CONSECUTIVE YEAR


2004

 2003 Increase
  £'000 £'000  
Sales 178,139 163,077 9%
Turnover (on a statutory basis) 135,937 122,923 11%
Profit before tax 16,457 13,461 22%
Earnings per share (pence) 10.76p 9.02p 19%
Dividend per share (pence) 3.50p 2.50p 40%

Group
  • Progressive dividend policy set to continue – 40% increase in 2004
  • Operational gearing moved to zero (excluding storecard)
The Perfume Shop
  • Engine of growth – sales increased 22%
  • Like for like sales of 10%
  • Profit increased by 30%
  • 11 new UK stores taking total to 96 stand alone
  • Entry into Eire with 2 store openings
  • Investing in new EPOS, Stock Management and Warehouse systems
Department Stores
  • 28% contribution to Group profit before tax
  • Division affected by slow down in consumer spending with sales falling 5%
  • Strength on balance sheet through freehold ownership
  • Clear focus on delivering shareholder value
Outlook
  • Challenging year ahead but confident of further progress
  • Objective of delivering long term sustainable growth in shareholder value
  • Maximising returns from existing businesses and developing plans for Australia and Cosmetics

For further information please contact:

Philip Newton, Chief Executive:
01494 894000

Ann-Marie Wilkinson, Bell Pottinger Financial:
020 7861 3232/07730 623815

For more compehensive information on the preliminary results, click here

TRADING STATEMENT ON 7 AND 40 WEEKS TO 4 JANUARY 2003
13 January 2003

ANOTHER STRONG GROUP PERFORMANCE


* The Perfume Shop

- Like for like sales up 13% in the 7 weeks

- Like for like sales up 15% in the 40 weeks

- Overall sales up 23% in the 40 weeks

* Joplings

- Like for like sales down 1% in the 7 weeks

- Like for like sales up 4% in the 40 weeks

* De Gruchy

- Like for like sales down 3% in the 7 weeks

- Like for like sales down 4% in the 40 weeks


Merchant Retail Group plc, the specialist perfumery retailer and department stores group, is pleased to report on another strong group performance. The Perfume Shop has had another record Christmas period throughout the country and the Department Stores have performed well in a much more difficult trading environment.

Group sales for the 7 weeks to 4 January 2003 were up 13% on the same period last year and 8% up on a like for like basis. In the 40 weeks to 4 January 2003, overall Group sales were ahead 13% against the same period last year and 8% up on a like for like basis.
The Perfume Shop

We continue to be excited by the potential and strength of The Perfume Shop. The 84 branches delivered an impressive 21% overall sales increase for the 7 weeks and 13% on a like for like basis. Like for like sales in the 40 weeks to 4 January 2003 were up 15% with overall sales for the period up 23%.

The performance was enhanced by the nine new stores which had opened in 2002 and the expansion plan continues into the New Year, with four stores acquired and a further eight stores planned to open in 2003. Leases have already been signed on new outlets at The Bull Ring in Birmingham, Harlow, Luton and Wood Green. With the current level of sales growth and the larger portfolio of stores, we are moving towards our initial target of obtaining 20% of the UK perfume market.

We were pleased by the performance of the skincare and colour outlet within De Gruchy which is being trialled on Jersey. This is still early days and we will report in respect of achievements and plans in more detail at the year end.

Joplings

Joplings like for like sales were down 1% in the 7 weeks but were up 4% in the 40 weeks to 4 January 2003.

The slower trading conditions reported by other retailers has had an impact on the department store division. Despite this demanding environment, our four mainland department stores remain highly profitable and the return on capital provided by the chain renders it a desirable business. We have a strong and loyal customer base and Chargecard remains an important part of the Joplings offer; these will be key in the further development of Tynedale Park during the course of the months to come. Tynedale Park is a less Christmas focussed business with like-for-like sales up 5% in the 7 week period but a very healthy 15% increase for the 40 weeks to 4 January 2003.

De Gruchy

Like for like sales at De Gruchy were down 3% in the 7 weeks and 4% in the 40 weeks to 4 January 2003.

The changes that we have made thus far to Jersey’s largest department store have provided a firm base for the growth in the business despite a downturn in the island’s economy. The capital investments that we have made in the hair and beauty salon and the major refitting of the cosmetic hall are both providing encouraging returns. We have identified a number of other areas within the store that offer similar opportunities and the long term prospects for this store remain exciting.

Outlook

These performances have again demonstrated the underlying strength of the Group. The outstanding results from The Perfume Shop and the resilient performance from the department stores division gives us confidence for the future. Based on the important sales figures for the pre-Christmas and January sale period, we anticipate being able to report healthy full year results in line with market expectations.

For further information please contact:

Philip Newton (Chief Executive) 01494 894000
Brian Coleman-Smith / Amanda Sheehy
(Beattie Financial) 020 7398 3300
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