Profits slide forced the Entertainer to put growth on hold

Toy retailer the Entertainer had to reassess its expansion programme this year following a significant reduction in pre-tax profits a year before. The company recorded a profit on ordinary activities before tax of£108,078 for the period from February 2, 2003 to January 31, this year. This was down from£676,258 in the previous accounting period.

Entertainer managing director Gary Grant admitted that the turnover for the year, recorded at£37.1 million, was significantly below the retailer's projection in its five-year plan. The retailer had intended originally to begin this year with 50 stores, but had only managed to expand to 35 by the new financial year.

He said: 'During the current year, the Entertainer has decided to slow down the growth originally envisaged within the five year plan. We have opened only one store and have focused our attention on restructuring our cost base and bringing greater efficiency to our cash management. We have reviewed our product offering and, through fresh buying and pricing initiatives, we remain very competitive in the tougher trading environment of toy retailing. I am confident that we will be in a stronger position to re-focus on planned growth in the near future.'