Angus Monro, the chief executive of Brown & Jackson, declared yesterday he was 'cautiously confident' the retailer had put its chequered past behind it, despite ruling out any sales growth this year.
The discount retailer, which issued the latest in a string of profits warnings after Christmas, is trying to overhaul its high street and corporate images. It is banishing its downmarket Poundstretcher brand in favour of its smarter Instore format and has invested pounds 20m in a distribution centre in Huddersfield.
'We're in the modern world now. Trading over Christmas was like going into the boxing ring with Mike Tyson with no gloves and your hands tied behind your back,' Mr Monro said.
The company, which will rechristen itself Instore in July, dismissed the 6 per cent fall in like-for-like for the eight weeks to 23 April as unrepresentative because the switch to its new distribution centre meant shops were short of some seasonal stock. …