Carluccio's announced today their trading update prior to their AGM, to be held later today. The Company revealed that turnover was 8% higher than last year, for the period starting 17 weeks up to 24th January 2010. According to the trading report, this turnover growth was achieved without significant discounting. This excelled the Board's expectations, despite the disruptions caused by hostile weather during January. Trading was apparently strong across all areas of the business, including retail, the caffe and the website.
The Exeter branch, opened at the start of the financial year has reportedly traded well, also surpassing Company's expectations. Forthcoming openings include Wimbledon and Cardiff , making up two of the 45 branch locations in the UK. Outside the UK, the middle eastern franchisee, Landmark, is also apparently making good progress as is the Dubai premises. Although the Dublin branch will in fact close in February, due to a rent issue, the Company says it does not expect the financial performance of the Irish branch to be impacted. Refurbishment of several locations has reportedly been well received by customers.
Going forward, the Board expects overall trading conditions to remain challenging. However, the Board expects the company's all-day trading model, the popular integrated retail offering and the low restaurant average spend of £12.50 per head to stand them in a strong position to face those challenges.
