Crawshaw Group PLC (LON:CRAW) shares fell on Wednesday as UK’s value butcher reported fall in sales amid challenging trading performance of its high street shops.
In a trading update for the 20 weeks to 17 June 2018, the AIM-listed firm said its sales were down 1.6% and like for like sales were down 12.9%.
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The company said the trading performance of its high street shops remains challenging, but its factory shop format continues to perform well.
Crawshaw said it transitions from historical dependence on high streets and towards the unique and successful factory shop format, which “underpins the long-term profitability of the business.”
Jim Viggars, chief executive officer of Crawshaw, said:”Whilst the trading performance in our high street estate remains challenging, our team of great colleagues will strive to capture available growth.”
He added: “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."
In morning trading, Crawshaw’s shares fell 29.2% to 4.95p.