Luminar sales fall by a fifth
Friday 14 January 2011
The owner of nightclub chains Liquid and Oceana reported a severe decline in sales over Christmas as clubbers avoided the freezing weather and stayed at home.
Luminar reported a 19.4 per cent drop in like-for-like sales in the 12 weeks to 6 January but said same-outlet sales over the Christmas and New Year weeks were still ahead of anticipated levels.
Even after excluding the weeks affected by the weather, Luminar's sales declined by 13.6 per cent on a like-for-like basis. The performance, however, was an improvement on declines witnessed earlier in the year.
The company also warned its recent introduction of premium brands into the nightclubs has dented its profit margins.
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