Luminar sales plummet 19.9% thanks to World Cup

13 July 2010
Luminar sales plummet 19.9% thanks to World Cup

Nightclub operator Luminar's trading has been hit by the World Cup, with same-outlet sales for the 19 weeks to 8 July plummeting 19.9%.

The announcement came as part of an interim management statement ahead of the company's Annual General Meeting today at 1pm.

The company said that trading remained "challenging" but broadly in line with the board's expectations. Admissions revenue was down 26% while footfall was 19.6% lower.

But drinks spend per head remained "relatively stable" and was 2.2% up for the period.

The firm added: "As expected and in line with our experience of previous tournaments, the World Cup has adversely affected trading, with sales down approximately an additional 6% on the run rate."

Luminar said it expected to achieve the £10m of cost savings in the 2010/11 financial year, as it had previously disclosed.

Meanwhile, the firm also confirmed that John Leach was appointed to the board as non-executive director in June and will succeed Alan Jackson as chairman - Jackson is not standing for re-election at the AGM today.

Philip Bowcock was appointed finance director on 1 June 2010. He succeeds Robert McDonald, who left the Group at the end of June.

Luminar parts with finance director as profits slump >>

Receivers attract three ‘significant' offers for Brixton's Fridge nightclub >>

Luminar reports 10% fall in same-outlet annual sales >>

By Neil Gerrard

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