Crawshaw Group PLC AGM Trading and Strategic Update (6759S)
27 6월 2018 - 3:00PM
UK Regulatory
TIDMCRAW
RNS Number : 6759S
Crawshaw Group PLC
27 June 2018
27 June 2018
Crawshaw Group Plc
("Crawshaw", the "Company" or the "Group")
AGM Trading and Strategic Update
Crawshaw Group Plc, the UK's leading value butcher, is today
providing the following trading and strategic update for the 20
weeks to 17 June 2018, ahead of its Annual General Meeting to be
held this afternoon.
Group sales were at -1.6% for the first 20 weeks of the current
financial year with like-for-like sales down 12.9% for the same
period. The trading performance of our high street shops remains
challenging and reflects the widely reported lower footfall and
softer consumer sentiment. Our factory shop format continues to
perform well in this environment.
There are numerous key sales-driving and cost-saving initiatives
currently being undertaken to improve performance in our high
street estate including the strategic development of our central
production to enable us to re-align the store labour model and
improve instore efficiencies while promoting our high standards of
customer service. With these initiatives well underway, we believe
the majority of our high street stores are capable of generating an
improved return.
We continue to work through this period of transition as we
rebalance the portfolio away from its historical dependence on high
streets and towards the unique and successful factory shop format,
which underpins the long-term profitability of the business. We
have opened a further 2 factory shops in the year taking our total
to 12 within the estate and these shops are trading in line with
the Board's expectations. We plan to open a further 3 new shops of
this type during the remainder of current financial year.
Our strategic partnership with the 2Sisters Food Group continues
to deliver the expected customer and financial benefits, which
complements our new supplier relationships that have been
developed.
Crawshaw Chief Executive Officer Jim Viggars, said:
"Whilst the trading performance in our high street estate
remains challenging, our team of great colleagues will strive to
capture available growth. Our factory shops continue to perform
well, and I am confident that repositioning the Group towards the
successful factory shop model will strengthen Crawshaws' position
as the country's best value butcher and improve the long-term
profitability of the business."
The Group will report its interim results for the six months
ended 29 July 2018 on 26 September 2018.
Enquiries:
Citigate Dewe Rogerson
Angharad Couch 0161 914 9771
Crawshaw Group plc
Jim Viggars, Nick Taylor 01709 369 600
Peel Hunt LLP
Adrian Trimmings, George Sellar 0207 418 8900
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END
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