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Results not Ideal for TV shopping channel

Published: 15 January 2009
Ideal Shopping Direct - the TV and internet shopping company - has revealed a pre close update for the 52 weeks ending 28 December 2008.
Results not Ideal for TV shopping channel
Further to the trading update of 10 December 2008, like-for-like (lfl) sales for the remaining three-week period were slightly ahead of the firm's initial expectations.

Full year sales were 3% lower than in 2007, while gross margins and overheads remained in line with the revised expectations, as indicated in the December trading update.

The company's cash balance on 28 December 2008 was a healthy £8.4m.

Chief executive, Mike Hancox, said: "Since my appointment in November, a review of all areas of the business has been undertaken and a programme of action to improve sales and reduce costs implemented.

"We remain focused on generating improved returns from our home shopping and internet channels to achieve the best possible results in the current economic climate."

The Company's preliminary results will be announced on 26 March 2009.

The firm has also bought Superstore TV, a sourcing and wholesale business supplying products to Asda, Wilkinson and Dunelm as well as Ideal.

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