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Beales warns on full year results

Beales, the department store group, said that full year results would be below expectations after sales deteriorated in the run up to Christmas.

Beales said that although full year results for the 53 weeks ended November 2007 would be slightly ahead of forecasts, 2008 numbers would be down after like-for-like sales collapsed by 6% for the nine weeks to January 5.

Beales said in a statement: "Whilst November sales were at similar levels to those of the previous year, the economic environment deteriorated significantly in the final weeks of the calender year, with footfall reduced markedly during December; although since Christmas sales have improved slightly compared with last year."

The statement went on: "Whilst our stocks have been well controlled, our margins have been put under considerable pressure by the requirements to clear residual Autumn/Winter 2007 apparel and to meet the considerable promotional discounting in the high street."

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