CRAW30 Aug 2018 11:34
Crawshaw Group warns on profits as high street gloom continues
30 August 2018 | 08:35am
StockMarketWire.com - Value butcher Crawshaw Group warned Thursday group sales would be flat through January next year and expected to report an operating loss as high street gloom continued to hurt performance.
'The Board expect the full year Group sales to January 2019 to be flat on the previous year and underlying operating loss of approximately £3m,' Crawshaw Group warned.
Half year like-for-like sales fell 13.2%, and group sales for the first half of the year fell to £21.6m from £22.1m a year earlier.
The company blamed the poor results on rising shop rents, high business rates, lower footfall and increased discounter competition.
The new leadership team, who joined the business in late May, is expected to announce how it plans to rectify core issues affecting the business, when interim results are released on 26 September.