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PizzaExpress warns of lower sales

June 23, 2002

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LONDON -- PizzaExpress PLC expects like-for-like sales to fall 1 percent for the second half of the year, ending June 30. The company blames tough trading conditions in London and poor sales growth in the fourth quarter for the decline, according to London's AFX News.

The company also expects its tax charge to be higher than normal due to the reversal of a tax deduction relating to share option schemes. Nearly 700,000 stg will be added to the company's tax charge for the year to the end of June, according to AFX.

PizzaExpress reported in its half-year results' announcement in February that the company had seen "progressive movement" in trading. The company's stock dropped sharply in April after broker Numis Securities downgraded it following a continued decline in sales.

The London-based company operates nearly 300 pizza restaurants, mostly in the United Kingdom.