Trading Statement
April 16 2003 - 3:01AM
UK Regulatory
16 April 2003
PizzaExpress PLC third quarter trading update
PizzaExpress PLC announces its trading update for the 14 weeks to 6 April 2003:
Like-for-like sales
to 6 April 2003
14 weeks 40 weeks
PizzaExpress (UK, Ireland and Channel -9.4% -6.4%
Islands)
Café Pasta / Marzano (UK and Ireland) -2.2% +2.6%
As disclosed in the recent offer announcements, sales in the core UK pizza operation
have further weakened since the interim results. A number of operational initiatives
have been introduced but intense competition, coupled with well documented
economic and political factors, continue to delay improvements in sales performance.
Management is also concentrating on reducing the cost base throughout the central
administration of the business and savings in this area will partially mitigate the effect
of the like-for-like sales decline.
Trading in other areas, namely Gourmet, International and Retail are in line with
internal expectations.
Exceptional costs incurred in responding to bids for the Company have increased to
approximately �1.5m as at the end of the third quarter and further costs will be
incurred before the year-end. The exact amount of such costs will depend on whether
a transaction is completed.
Notes:
1. Like-for-like sales figures relate to restaurants open for at least 12 months at the
beginning of the financial year and include restaurants which have been
refurbished or are undergoing refurbishment.
2. The Gourmet and International restaurants are excluded from these like-for-like
sales figures.
For further information :
PizzaExpress PLC 01895 618618
Nigel Colne, Non-Executive Chairman
David Page, Chief Executive
Paul Campbell, Group Finance Director
Citigate Dewe Rogerson 020 7638 9571
Sue Pemberton