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Peacocks benefits from flight to value

Peacocks saw like-for-like sales rise 1% for the 14 weeks ended January 3.

Peacocks said that total sales rose 8% over the period and that margin was also up but did not reveal figures. Gross profit was up 5% on a like for like basis over the 14 weeks.

Peacocks added that trading had improved dramatically in the final two weeks of the period, when like-for-like sales rose 22% and total sales jumped 29%.

Peacocks is the second value fashion chain to emerge as a Christmas winner. Earlier this week New Look posted a 2.8% rise in like-for-like sales for the 14 weeks ended January 3.

Peacocks said its shareholders had pumped an additional £20 million into the business to support further store openings. It plans to open 50 stores in the next two years. In the nine months to December 25, the value fashion chain opened 25 new stores, taking its store count to 526.

Peacocks chief executive Richard Kirk said: “Our formats are outperforming the market as shoppers want the exceptional value we provide, as our excellent Christmas trading period figures demonstrate. We are positive about the opportunities to expand our store portfolio on favourable terms and we have the financing in place to support our development plans. This is good news for our stakeholders including suppliers, shareholders and colleagues, and above all, customers.”

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