 plummeted on Wednesday morning, after the sales reported a fall in sales amid a "challenging" high street market. The value butcher said in a trading update for the 20 weeks to 17 June 2018 said that sales were down 1.6 percent and like-for-like sales were down 12.9 percent.){kind=link}
Shares in Crawshaw Group (LON:CRAW) plummeted on Wednesday morning, after the sales reported a fall in sales amid a “challenging” high street market.
The value butcher said in a trading update for the 20 weeks to 17 June 2018 said that sales were down 1.6 percent and like-for-like sales were down 12.9 percent.
The company attributed the fall to reported lower footfall levels as well as amid softer consumer sentiment. However, its factory shop continued to perform well.
In light of a challenging retail climate, The Crawshaw Group also stated that various sales-driving and cost-saving measures were in place to improve efficiencies within the business.
Specifically, the company intends to transition away from the high street and to further develop its factory shops.
The group hope to open a further three more of these locations within the upcoming financial year.
Crawshaw also remained optimistic of the strategic partnership with the 2Sisters Food Group, which it expects to benefit both customers as well as providing a financial boost for the business.
Crawshaw Chief Executive Officer Jim Viggars, said:
“Whilst the trading performance in our high street estate remains challenging, our team of great colleagues will strive to capture available growth. Our factory shops continue to perform well, and I am confident that repositioning the Group towards the successful factory shop model will strengthen Crawshaws’ position as the country’s best value butcher and improve the long-term profitability of the business.”
Back in May, the butcher announced the appointment of Mr Viggars as the new chief executive, replacing Noel Collett.
Viggars has over 30 years experience within the meat industry, having headed the fresh meat department at Asda.
Crawshaw group was established back in 1954, and has established various stores across the Midlands and the north of England.
Shares in the AIM-listed company are currently trading -20 percent a of 12.00PM (GMT).