AGM Statement and Trading Update (0013G)
June 25 2012 - 2:00AM
UK Regulatory
TIDMCRAW
RNS Number : 0013G
Crawshaw Group PLC
25 June 2012
CRAWSHAW GROUP PLC - AGM STATEMENT AND TRADING UPDATE
At this afternoon's AGM of Crawshaw Group PLC, the meat focussed
retailer, the Chairman, Richard Rose, will make the following
statement with regard to current trading.
"As reported previously, following managements' actions to
stimulate growth, LFL sales have significantly improved since last
autumn and I am pleased to announce that this trend has continued.
Year to date LFL sales are now running at 4% higher than last
year.
Sales in May were particularly encouraging with LFLs at our
legacy stores being 6% higher than the same period last year and
LFLs at our newer stores being 12% higher than the same period last
year. Overall LFLs in June are running in line with trend at 4%
higher than last year, despite the recent lack of BBQ sales
opportunities, as compared to the previous year.
In addition to the above, year to date margins are now slightly
above last year, with the recent margin performance being
particularly encouraging. Therefore, as a result of the above, we
are delighted to report that, for the first 20 weeks of the current
year, we are trading ahead of management's expectations.
We previously reported our concerns regarding the Governments
proposals to add VAT to certain currently exempt cooked products.
The recently announced concessions have helped in so far as we
would be permitted to sell such items "on the cool" VAT free. This
does however create in itself some anomalies, particularly
affecting our small format stores. We have therefore made further
representations to the Treasury, both in writing and in person, and
are hopeful that workable solutions can be found."
Enquiries:
Crawshaw Group plc
Lynda Sherratt 01709 369 602
W H Ireland Limited
Robin Gwyn 0161 832 2174
This information is provided by RNS
The company news service from the London Stock Exchange
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