Profit woes continue at Beales parent firm

SALES: Firm hit by industry downturn in women’s fashions and the rise of internet shopping

The parent firm of a Perth department store has recorded a loss of more than £3 million.

Beale Limited, who own Beales department store on St John Street, maintained turnover at £48m for the year ended March 31 2019.

However, pre-tax losses at the firm grew from £1.4m in 2018, to £3.1m last year.

The firm, which began trading in Bournemouth in 1881, now owns 21 department stores across England, with Perth being the only Scottish outlet which it opened in 2017.

The firm opened its Perth store in the landmark building which had been previously been occupied by McEwans which fell into administration in March 2016 with the immediate loss of more than 100 jobs.

In his strategic report, chief executive Anthony Brown said: “Sales have been hampered by the industry-wide downturn in women’s fashions with a number of established high street brands going into administration or progressing CVA and the move to online shopping.

“We have concentrated on improving our aged stock position and we are happy to report considerable progress has been made, improving our margins and reducing markdowns.”

In October last year, Beales completed a management buyout with the shares held by Pornard Limited and related companies being purchased by Brown Retail Holdings, a company wholly owned by Mr Brown.

Staff numbers at the company rose from 1,095 in 2018, to 1,148 last year, with 367 full time and 781 part time staff.

Picture: Kris Miller. Beales took over the former McEwans store in Perth in 2017.