7 Sep 2009 16:35
Crawshaw Group plc
7 September 2009
Notification of Interim Results & Trading Update
Crawshaw Group plc ("Crawshaw" or the "Company"), the meat focused retailer, expects to announce its interim results for the six months ended 31 July 2009 on 13th October 2009.
Sales in recent weeks have been disappointing across all our units reflecting reduced consumer confidence, poor weather, relatively high product prices and reduced high street footfall. This has resulted in a 12% fall in "like for like" sales in recent weeks when compared to the same period in 2008 when the Company was not impacted by the factors referred to above
Overall like for like sales for the six months ended 31st July were down 3% and the Company has reduced its expectations for the full year to reflect a continuation of the current trading environment.
Earlier in the year we reported that our gross margin was 4 percentage points lower than planned. We are now pleased to report that in recent months we have seen a consistent improvement in gross margin such that it is now back to expected levels.
Primarily as a result of the sales performance the Company now expects that its profits for the year to 31 January 2010 will be below expectations but the business remains cash generative and profitable.
Enquiries:
Crawshaw Group plc 07836 250 474
Richard Rose
Investec Investment Banking 0207 597 5970
Martin Smith / Duncan Williamson