2nd Apr 2008 07:01
Carluccio's PLC02 April 2008 2 April 2008 Carluccio's PLC Trading Update Carluccio's PLC (the "Company"), the leading UK based group of authentic Italianrestaurants with integrated food shops, announces an update on current tradingahead of its interim results announcement for the 26 week period ending 23 March2008. Trading across the Company's stores has continued to perform in line with theBoard's expectations and in the 26 weeks to 23 March 2008, turnover grew by 19%over the prior year. With the widely publicised pressures on the UK economy and consumer spending, itis likely that trading conditions will remain challenging over the comingmonths. The Board, however, believes that the Company's business model willcontinue to prove beneficial in such conditions. Carluccio's trades all day,uniquely combining a restaurant and retail offering, with low average spends perhead of £12 in the restaurant and £8 in the retail shop. In addition, itsstrategy of pursuing a measured opening programme financed out of internallygenerated cash flow remains unaltered. The Board continues to hold its positiveview of the sector with the trend towards eating out well established andforecast to continue growing. The Company currently trades from 35 locations having opened 3 stores in thisfinancial year to date. These were at Stratford-upon-Avon, Manchester and mostrecently in Heathrow, Terminal 5. A fourth opening is scheduled for mid-April inthe newly refurbished St. Pancras International train terminal. The fifthopening of the year will be in Cambridge and is anticipated to be in June 2008.This means that the Company will achieve its minimum opening target of 5 storesper annum. In addition, the Company has previously announced that two sites havealready been secured for its 2009 financial year: the first in Leicester and thesecond in Bristol. The Company's first franchised store has opened in Dublin, Ireland in March2008. The Board is very encouraged by early trading from this location. The Company's interim results for the 26 week period ending 23 March 2008 willbe announced on 13 May 2008. These will be under International FinancialReporting Standards (IFRS) for the first time. As part of the transition toIFRS, prior year financial statements will be restated. The Company will releasethe impact of these prior year adjustments on 8 May 2008. -ENDS- For further information please contact: Carluccio's PLC Hogarth Partnership LimitedSimon Kossoff, Managing Director Andrew JaquesFrank Bandura, Finance Director Fiona Noblet Sarah Richardson Tel : 020 7580 3050 Tel : 020 7357 9477 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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