Trading & Financial Update
08 Fevereiro 2007 - 11:02AM
UK Regulatory
RNS Number:9445Q
Stylo PLC
08 February 2007
Stylo plc
Trading and Financial Update
For immediate release 8 February 2007
In the interim statement of 27 September 2006, Stylo plc ("Stylo") referred to
challenging market conditions. Against that backcloth, Stylo expects to have
made a modest profit in the second half, despite like for like sales for the
26 weeks to 27 January 2007 being 4.26% lower than the equivalent period last
year. Overall, the results for the year to 3 February 2007 are expected to show
a loss. Good stock management during the season has meant that Stylo had less
shoes going into the Sale than last year, and good clearance rates mean that
stock levels are in line with expectations and clean for the new season.
Separately, a valuation of the property portfolio was conducted by Cushman &
Wakefield as at 31 January 2007. As Stylo has previously adopted the transitional
arrangements of FRS15 Tangible Fixed Assets, the increased value identified by
this valuation will not be incorporated in the accounts. If the properties were
to be included at their valuation, the net assets of the Group would be some
#30m higher. This positive property uplift mitigates the impact of the trading
performance referred to above. Stylo's bankers have confirmed their willingness
to renew the facilities which come to the end of their term in April 2007.
The Board expects to announce its results for the year to 3 February 2007 on
26 April 2007.
Enquiries:
Michael Ziff Telephone: 01274 617761
Chairman and Chief Executive
This information is provided by RNS
The company news service from the London Stock Exchange
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