17th Apr 09
Ideal Shopping reports loss of over 11 million pounds
by Natasha Redman
www.idealworld.tv
UK home shopping retailer, Ideal Shopping Direct, has reported a significant full-year loss for 2008 that it says is due to exceptional costs during the period, higher operating expenses and reduced sales. According to the company’s board, a final dividend will not be recommended.
The retailer posted a net loss of 11.55 million pounds, as compared with a profit in 2008 of 3.73 million.
Ideal Shopping Direct’s loss from continuing operations amounted to 13.22 million pounds, as compared with a profit of 5.19 million pounds one year earlier. The 13.22 million pound figure includes exceptional costs of 9.2 million and an underlying trading loss amounting to 4.0 million.
Overall sales revenues dropped off by two per cent, to 94.65 million pounds, from 96.63 million the previous year. The company’s cost of sales amounted to 61.88 million pounds, as compared with 56.22 million in 2007.
The company’s administrative expenses rose from 32.03 millions pounds in 2007 to 41.03 million this past year.
Ideal Shopping Direct reported that the greatest operating cost increases were in salaries, temporary staff and recruitment costs, totalling 1.9 million pounds, its broadcasting costs of 1.5 million pounds and call centre costs of 0.5 million – driven by the repatriation of customer services representatives to the UK.
The group has noted that, in the current difficult retail trading environment, it is seeing sales for 2009 slightly ahead of expectations.
For more information on this article please visit www.rttnews.com.
www.idealworld.tv
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