9 Mar 2009 07:00
Crawshaw Group plc
9 March 2009
Pre close trading statement
Crawshaw Group plc ("Crawshaw" or the "Company"), the meat focused retailer, expects to announce its results for the year ended 31 January 2009 on 12 May 2009.
In the second half of the financial year ended 31 January 2009, Crawshaw has continued to trade in line with management's expectations. Like for like sales in Q3 were ahead by 5% and in Q4 ahead by 6%. Gross margin was slightly behind budget as certain input prices were high and management decided to absorb the increase as they expect these input prices to revert back to lower levels shortly.
Like for like sales for the first 4 weeks of the current year are up and in line with budget. A total of five new stores have now been opened since summer 2008. They are making excellent progress with their performances to budget for the first month of the current financial year being 108%, 101%, 105%, 95%, and 167% respectively. Two further new stores are expected to open over the coming weeks.
These new stores cover a variety of different locations and formats and the board now wish to postpone opening further new stores until late summer 2009 in order that the financial returns of each store type may be fully evaluated - in doing this the management team believe it can maximise returns on future new stores. Additionally, the board feels this cautious approach is appropriate in the current external financial environment.
The Company confirms that it has renegotiated the terms of its £2.5 million revolving credit facility with the Royal Bank of Scotland plc. As a result, the term of the facility has been extended to 30 June 2010.
Enquiries:
Crawshaw Group plc 07836 250 474
Richard Rose
Investec Investment Banking 0207 597 5970
Martin Smith / Duncan Williamson