Comptoir Group PLC Trading Update (1421H)
05 6월 2017 - 6:15PM
UK Regulatory
TIDMCOM
RNS Number : 1421H
Comptoir Group PLC
05 June 2017
Comptoir Group PLC ("Comptoir" or the "Company")
Trading Update
The Company today announces a trading update ahead of its Annual
General Meeting on the 7(th) June 2017. The Company currently
operates 23 restaurants, 10 of which opened in the last 8 months,
and 2 franchise locations.
The Directors confirm that, overall, the past two months have
seen a continuation of the difficult trading it reported at the
time of its prelims in April 2017. While the business saw improved
sales figures over the Easter weekend and half term holidays,
unfortunately much of this benefit was subsequently lost in the
final two weeks of the month. In May 2017 the Company also
experienced an unexpected decline in like for like sales and profit
at certain mature restaurants, particularly in retail-led locations
and at its higher-spend restaurants, Levant and Kenza.
In addition, although the group as a whole is seeing a
progression in sales, a number of the restaurants opened in 2016
remain behind expectations in terms of their anticipated maturity
trading curve.
Like many of its peers in the sector, the Company is
experiencing upward pressure on costs, including incremental wage
costs and related taxes (apprenticeship levy), higher food and
drink costs (driven by depreciation in sterling versus the Euro)
and increases in rent and business rates. Together with the
softening in consumer spending, these factors have had a
significant impact on restaurant profitability and visibility over
short-term trading trends. The Company has taken steps to limit the
increase in central overheads
The Directors believe the Comptoir brand continues to have a
strong appeal to consumers and landlords and there remains
considerable potential for expansion in the UK. The Company still
expects to open 3 more restaurants before the end of 2017 -
Comptoir Reading, Comptoir Oxford and Shawa Oxford - together with
a first international franchise operation in the Netherlands with
HMS Host.
Lastly, the Directors confirm that they expect to raise GBP2.7m
(gross) from the sale and leaseback of the freehold of its central
processing unit (CPU) in North London. The net proceeds will be
used to fund the remaining new openings for 2017 and strengthen the
Group's working capital position. A further announcement on the
sale and leaseback will be made in due course.
This announcement contains inside information.
Enquiries:
Comptoir Group plc
Chaker Hanna Tel: 0207 486 1111
Cenkos Securities plc (NOMAD and Broker)
Bobbie Hilliam Tel: 020 7397 8900
Harry Pardoe
Alex Aylen
This information is provided by RNS
The company news service from the London Stock Exchange
END
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June 05, 2017 05:15 ET (09:15 GMT)
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