6th Feb 2009 07:00
6 February 2009
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 25th January 2009 turnover growth was 14% over prior year, in line with the Board's expectations. Christmas trading was satisfactory although the pressure on the consumer was evident with a much more cautious spending pattern in the run up to Christmas than in prior years.
The Company's positive cash position means that the opening programme is unaltered and the Company is on track to achieve its minimum five store opening target for the 2009 financial year. Three Carluccio's have been opened since the year end in Leicester, Bristol and Earlsfield, London. The Board is encouraged with these latest openings where trading has been ahead of expectation. Good progress is being made by Landmark, our Middle Eastern franchisee, in Dubai with the first store currently being fitted out. The Company's franchisee is anticipating a spring 2009 opening. The Company currently trades from 41 locations (including the Dublin franchise).
Trading conditions have been widely publicised as the most challenging for several decades. The Board, however, believes that the Company's all-day trading model, which uniquely combines restaurant with retail at a low average spend of £12 per head, will continue to be of benefit during such times.
-ENDS-
For further information please contact:
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Carluccio's PLC |
Tel : 020 75803050 |
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Simon Kossoff, Managing Director |
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Frank Bandura, Finance Director |
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Hogarth Partnership Limited |
Tel : 020 73579477 |
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Fiona Noblet |
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Anna Keeble |
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Altium Capital Limited |
Tel: 020 74844040 |
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Ben Thorne |
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Sam Fuller |
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