Luminar sees its sales crash
Shares in Luminar tumbled by 13 per cent at one stage yesterday before closing 4.4 per cent lower at 11p after the nightclubs operator said sales in the first 19 weeks of the year were down 19.9 per cent. Luminar blamed the World Cup for the poor performance. The company behind the Oceana and Liquid brands, saw revenues dive 19.9 per cent in the 19 weeks to 8 July. Luminar has struggled after large dance venues went out of fashion in favour of smaller bars and venues. The company confirmed that it will have made £10m of cost savings this year and claimed that it is also on track to cut debt levels. “In line with our experience of previous tournaments, the World Cup has adversely affected trading,” it said. Altium Securities said: “We need an improvement in the level of youth unemployment before Luminar can rebuild profitability.”