November trade and restructure blamed
Value retailer Instore has warned that full-year profits are likely to be well below analysts' forecasts, following deteriorating market conditions and distribution centre difficulties.
The company, which trades as Instore and Poundstretcher, said: 'The effects of the November trading performance, combined with the previously reported costs of the ongoing stock clearance and restructuring programme, are likely to result in full year profits being materially below current market expectations.'
However, the company's Christmas trading is important to its full-year results and the group revealed December sales were more encouraging so far.
Like-for-like sales for the two weeks ending December 16 were up 1.9 per cent and like-for-likes for the year to date increased 4.6 per cent. The retailer added that it had made 'good progress' in its efforts to restructure the business.
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