(JQV.L) Jacques Vert PLC Buy/Sell

RNS Number : 7430Z Jacques Vert PLC 28 September 2009

DATE: Embargoed until 10.00am, Monday 28 September 2009
CONTACTS: Paul Allen, Chief Executive
Ian Johnson, Group Finance Director
Jacques Vert Plc
Tel: 08700 345636

Alistair Mackinnon-Musson
Nathan Field
Hudson Sandler
Tel: 020 7796 4133
Email: jacquesvert@hspr.com
Photographs available: Please contact Hudson Sandler, as above

Jacques Vert Plc

AGM Statement

Steve Bodger, Chairman of Jacques Vert plc, the womenswear clothing retailer, will make the following statement at the Group's Annual General Meeting to be held later today:

"On a like for like basis, sales in the first 22 weeks of the current financial year were 0.8% lower than last year. However, I am pleased to report that, due to careful management of markdown and stronger full price sell through, gross margin achieved was around 2.5% higher compared with the equivalent period last year. As a result, the Board expects that the Group's profit before tax for the full year to April 2010 will exceed the current market expectation."

"We have also been encouraged by initial customer reaction to the new Autumn 2009 season collections. While it is still very early in the season, this positive response provides some confidence in the continuing development of our product. Nonetheless, we continue to be mindful of the highly uncertain economic outlook and will continue to manage costs and cash closely".