G
Graham
Guest Shopper
<img src="/images/channels/idealworld/idealworld.gif" border="0" alt="Ideal World" title="Ideal World" hspace="4" align="right" />Ideal Shopping Direct is today providing a pre close update for the 52 weeks ended 28 December 2008.<br /><br />Further to the trading update of 10 December 2008, like for like sales for the remaining three week period were slightly ahead of the Board's expectations. Full year sales were 3% lower than in 2007. Gross margins and overheads remained in line with the Board's revised expectations, as indicated in the December trading update.<br /><br />The Company's cash balance at 28 December 2008 was £8.4 million.<br /><br />Commenting on trading Mike Hancox said:<br /><br />"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."<br /><br />The Company's preliminary results will be announced on 26 March 2009.