Thursday, August 30, 2018

News: Sales continue to slide for Crawshaw

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The Rotherham-based Crawshaw Group Plc, the UK's leading value butcher, continues to find it tough going in the current UK retail sector.

The AIM-listed Hellaby firm reported a trading update ahead of its interim results which showed that sales continued to decline amid challenging trading conditions.

For the 20 weeks to June 17 2018. Group sales were at -1.6% with like-for-like sales down 12.9% for the same period. Since then, half year like-for-like sales were down 13.2% on the previous year. Group sales for the first half of the year were £21.6m, down on the £22.1m reported in the same period in 2017.

The company's directors add that it expects the full year Group sales to January 2019 to be flat on the previous year and underlying operating loss of approximately £3m.

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Despite the good weather and England's progress in the World Cup, Crawshaw's board said in a statement that: "rising shop rents and high business rates along with lower footfall and increased discounter competition, has directly impacted sales and profitability as expected."

Crawshaw has undergone a transition to focus more on factory store locations and continues to open new stores. The Group said it had £3.3m in cash at July 29, down from £4.7m at January 28 2018).

The statement to the stock exchange concluded: "The new leadership team who joined the business in late May have identified the core issues affecting the business and will announce how it plans to rectify those issues and drive the business forward with its interim results. The Group has maintained margin investment in response to the continued competitive environment."

The results are due to be announced on September 26.

Crawshaw plc website

Images: Crawshaw

1 comments:

Anonymous,  August 30, 2018 at 3:01 PM  

"UK's leading value butcher" - plenty of other Companies may dispute that unproven statement.

Since Two Sisters Group took over it has gone downhill - in price and quality. I prefer Underwoods and switched before Two Sisters took over.

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