The UK based group of authentic Italian restaurants with integrated food shops, announced an update on trading prior to its AGM.
For the 17 weeks to 24th January 2010 turnover growth was 8% over the prior year (at least one broker was going for10% growth), slightly ahead of the Board’s expectations despite the poor January weather. It’s also pleasing to note that turnover growth was achieved without significant discounting.
Christmas trading was strong across both the caffe and retail parts of the business. The newly designed web site (http://www.carluccios.com) is very appealing and worth a visit.
Exeter, the Company’s first new opening of the financial year, has traded well, exceeding the Board’s expectations. It is to be followed by Wimbledon February 2010 (that’s got to be a success!) and Cardiff in March 2010 by which time the Company will trade from 45 locations in the UK.
The Company’s first store in Dubai is currently trading substantially ahead of expectation – good news from Dubai, that’s a first!
Importantly the strong cash generation means the opening programme can be achieved without resort to borrowing.
Overall trading conditions are set to remain challenging during the current year.
The group’s offering is different, appealing and well priced; not bad credentials in the current market!
