29 Nov 2016 07:00
29 November 2016
Crawshaw Group Plc
("Crawshaw" or "the Group")
Trading Update:
Crawshaw Group plc ("Crawshaw" or the "Group") (AIM: CRAW), the fresh meat and food-to-go retailer, notes the recent movement in its share price and confirm the Group continues to trade in line with management expectation.
We have made good progress restoring sales momentum since our last trading update on 29 September 2016. Our renewed value-led product and marketing focus, together with a return to localised ranging, is beginning to work, resulting in a good progression in customer numbers and sales performance. The LFL sales performance of the Group has improved from -15.8% for the first 7 weeks of H2 to -8.1% for the 4 weeks ended 27 November 2016 driven by a 13% improvement in customer numbers across the same time period.
We expect the rate of improvement in LFL sales to further improve in December as our returning customer's trade across the breadth of our seasonal offer and our existing customers benefit from better value Christmas meat hampers and redeeming their savings club cards.
The Board are confident in the actions taken so far and are encouraged by the early improvements in sales, but note the importance of this progress being maintained through the key winter and festive period to deliver full year profit expectations.
In the period since our last update we have opened our 50th store, in the Gorton area of Manchester. This is our second standalone factory shop concept to open in the year and is currently trading in line with expectations.
Crawshaw will announce a trading update on 6 January 2017.
Noel Collett, CEO comments;
"We are encouraged by the customer reaction to the changes we've made to the proposition and are confident sales will continue to improve through the important winter and festive period. Our store teams are set to give our customers a great Christmas which will provide the platform to further restore sales momentum in the New Year"
Enquiries:
Crawshaw Group plc
Noel Collett, Alan Richardson 01709 369 600
Peel Hunt LLP
Dan Webster, Adrian Trimmings, George Sellar 020 7418 8900