AGM Statement
February 05 2010 - 2:00AM
UK Regulatory
TIDMCARL
RNS Number : 7279G
Carluccio's PLC
05 February 2010
5 February 2010
Carluccio's PLC
AGM Trading Update
Carluccio's PLC (the "Company"), the leading UK based group of authentic Italian
restaurants with integrated food shops, announces an update on trading prior to
its AGM which will be held later today.
The Company is pleased to announce that for the 17 weeks to 24 January 2010
turnover growth was 8% over prior year, continuing slightly ahead of the Board's
expectations despite some disruption to footfall and trading during January as a
result of the adverse weather conditions. This turnover growth was achieved
without significant discounting. Christmas trading was strong across both the
caffe and retail parts of the business with customers responding very well to
the whole retail range, available in-store and via our newly designed web site
(www.carluccios.com).
Exeter, the Company's first new opening of the financial year, has traded well,
exceeding the Board's expectations. It is to be followed by Wimbledon (February
2010) and Cardiff (March 2010) by which time the Company will trade from 45
locations in the UK. The site pipeline to meet the five store minimum opening
programme for 2010 is secure.
Good progress is being made by Landmark, our Middle Eastern franchisee, with two
further sites in Dubai scheduled to open in the spring. The first store in
Dubai is currently trading substantially ahead of expectation. The Irish
franchise store achieves turnover levels that would position it in the top ten
of the UK estate. As recently reported in the press, our Irish franchisee has
closed its restaurant in Dublin with effect from 2 February 2010 pending the
outcome of a rent renegotiation. Closure will not have a material impact on the
Company's financial performance.
The refurbishment of two further locations, in addition to the three already
completed, was finished in January. Customers have responded extremely
positively to the new design and we plan to continue a programme of selected
refurbishments.
The Company's strong cash generation means the opening programme can be achieved
without resort to borrowing. This remains a key strength of the business and
provides the flexibility to respond rapidly to an easing in the market for new
sites.
The Board expects overall trading conditions to remain challenging during the
current year. However, the Board firmly believes that the Company's all-day
trading model, its unique restaurant and integrated retail offering and low
restaurant average spend of GBP12.50 per head, means it is well equipped to meet
these challenges.
-ENDS-
For further information please contact:
+--------------------+--------------------+------------------+
| Carluccio's PLC | Hogarth | KBC Peel Hunt |
| | Partnership | Limited |
| | Limited | |
+--------------------+--------------------+------------------+
| Simon Kossoff, | Andrew Jaques | Matthew Tyler |
| Managing Director | | |
+--------------------+--------------------+------------------+
| Frank Bandura, | James White | Matt Goode |
| Finance Director | | |
+--------------------+--------------------+------------------+
| | | |
+--------------------+--------------------+------------------+
| | | |
+--------------------+--------------------+------------------+
| Tel : 020 75803050 | Tel : 020 73579477 | Tel: 020 7418 |
| | | 8900 |
+--------------------+--------------------+------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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