Ideal World Pre-Close Trading Update

<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.

"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."

Increased prices maybe ? IW really need to find some really good and innovative new items to sell and get away from the old favourites such as Craft (done to death), jewellery (overpriced) and tatty handbags and fashion wear. Also, from what I've read in the Forum, a sympathetic and working Customer services dept would help too !Plus, they must make a fortune on their p & p charges.

I agree and yet they promoted head of buying and to celebrate her new appointment she treated herself to a new £70,000 porche while people are being made redundant throughout the company. And alot of people here still feel they made one of thier best managers the company has ever had redundant, why.There is still some bad high level management decisions being made but that will change soon, as Paul and Val are coming back and removing the current board and becoming the new directors of the company. Should be good news for the company cant see them letting thier baby go down without a fight.