Luminar FY profits below market expectations
Business Financial Newswire


Youth unemployment is hitting Luminar and it warns full year profits will be below market expectations. It says the general economic conditions, and in particular youth unemployment, continued to have a significant impact on its core customers and to affect the frequency of their visits to its venues.

And it says this has been exacerbated by the severe weather conditions across the UK, which has a significant effect on footfall.

The firm said it was very encouraged by much better sales on the key festive nights of Christmas Eve and New Year's Eve, and by average sales per customer which were 1.5% higher in December than the previous year.

The combination of these factors resulted in same outlet sales in December being 13.8% below last year, broadly similar to the trend established in September, since when sales have been 13.4% below last year.

Same outlet sales across the first 44 weeks of our financial year to 31 December have been 8.1% below last year.

It adds: "In view of the prolonged weather impact and the continued sales trend the group now expects profit before tax for the year to 25 February 2010 to be below market expectations."

Full year results for the year to 25 February are expected to be announced on 13 May 2010.

They were 850p 4 years ago.