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LJ Williams Ltd, the parent company of The Home Store Ltd, has reported a modest improvement in its financials for the six months ending September 30. While the group’s turnover fell to $71.35 million from $73.30 million a year earlier, it has trimmed losses. The group recorded a loss before tax of $488,000 for the period, down from a $974,000 loss in the same period last year. Its condensed financials, published on November 6, show sales of $71.355 million for the half-year and an operating profit of $2.14 million, offset by finance costs of $2.63 million. After taxation and minority adjustments, the group recorded a net loss attributable to shareholders of $867,000 and total comprehensive loss of $875,000 for the period. Total assets stood at $225.71 million, supported by non-current assets of $145.14 million and current assets of $80.57 million. Management attributed the improved loss position to cost-cutting measures implemented amid a difficult retail trading environment. In his review, chairman Lawford Dupres said the reduction in the loss "is an improvement on the previous year’s performance." He cited weaker consumer spending and constrained access to foreign exchange as material headwinds for the distribution side of the business. Operational adjustments included a reduction in the number of Home Store outlets to concentrate resources on higher-performing locations and reduce overhead. The Home Store operation in Guyana was highlighted as performing above budget, while the Food & Allied division remained the company’s mainstay and delivered 7.5 per cent sales growth in the period. By contrast, the Hardware division reported weaker sales, attributed in part to reduced exports, while the Shipping division recorded a 17 per cent rise in sales versus the prior comparable period. On the balance sheet, retained earnings stood at $44.398 million and reserves at $34.597 million. The group’s statement notes that foreign exchange availability will remain a key factor for the import distribution business in the coming months and that management will continue to prioritise cost control and focus on outlets that have proven "greater promise."
