Beattie sounds the alarm on profits

12 April 2012

DEPARTMENT stores chain James Beattie has warned full-year profits could miss the target, largely thanks to disappointing trading at key stores in the Midlands.

The company said total sales were currently 15% ahead of last year, but that margins were under pressure. It blamed its new Birmingham store, which continues to disappoint, and problems at its Solihull branch. It has been forced to slash prices.

'These factors suggest that the results for the full year may be less than market expectations although the company's performance for the year as a whole is, as always, heavily dependent upon the outcome of Christmas trading,' it added. The shares tumbled 8 1/2p to 149p.

James Beattie has previously warned that results for the six months ended July would be less than last year's figure.

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