Hamleys sales rise five per cent

Retailer reports like-for-like sales have risen for the eight weeks from the beginning of April 2009.
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The results mean the company is trading above its internal targets for both sales and profit.

Full accounts for the period to the end of March 2009 will be filed in the coming weeks, following the filing yesterday of Hamleys’ accounts for the year ending March 2008.

The full year accounts show an increase in EBITDA of seven per cent versus the previous year ending March 2007.

Gudjon Reynisson, CEO of Hamleys, commented: “We are pleased with how we have responded to the challenging economic circumstances. In the last year we have protected our cash position through improvements to our stock holding and cost structure.

“We have paid our debts on time and in full, retain the full support of our bank and now have a relatively low senior debt to EBITDA ratio, providing a strong platform for the future.

“Our current trading is strong and we remain confident we have put the right things in place to grow the business over the coming years.”

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