UK's Brown & Jackson like-for-like sales rise 3.9%
(Adds more detail, background)

By Dan Lalor

LONDON, July 28 (Reuters) - British discount retailer Brown & Jackson Plc's sales are growing ahead of target as its new Instore brand beats expectations, the company said on Wednesday.

Like-for-like sales rose 3.9 percent year on year in the 14 weeks to July 24, with total group sales up 2.5 percent. "Margins in the same period are ahead of last year and stock levels have reduced since the year end," chairman Christo Wiese also said in a statement.

At 1125 GMT, Brown & Jackson (LSE: BRJK.L - news) shares were up 6.7 percent at 64 pence to value the firm at 149 million pounds ($271 million).

House broker Numis Securities analyst Iain McDonald said it was an excellent performance "given that the retail sector as a whole does not appear to have had the best of summers".

But McDonald, who rates Brown & Jackson shares a "buy" with a 90 pence target, said he would not be changing his forecasts given that it was early in the company's financial year, which runs to the end of February.

Wiese said 31 Poundstretcher stores have been converted to 'Instore' in its current financial year, making a total of 38 stores trading under the brand. There are 291 Poundstretchers.

"Sales in these (Instore) stores are ahead of expectations, and we continue to be positive about prospects for the continuing conversion of Poundstretcher to Instore," Wiese said.

On April 22, Brown & Jackson launched a 25.4 million-pound rights issue to fund the conversion of Poundstretcher stores, whose downmarket image was deterring shoppers, into more modern Instores over the next three to four years.

Key categories for the retailer include homeware, which makes up around 40 percent of total sales, children's clothing and seasonal products, particularly those relating to gardening in the spring and summer months.

Seems this type of retail stock will hold its own,after all we all like a bit of choc,and some naff decorations.

Small nudge up,come on,,roll up roll up,,plenty of cheap tat instore.

More crap news, but what is the NAV

Good news release this morning to follow some decent ones over the last
couple of months - up over 4p this morning.
Any holders out there from 'the old days'?
If so this should be good news for you! :>)