STORMS HIT LUMINAR

The owner of the Oceana, Liquid and Life chains, said business over the first two months of 2010 had been severely affected by the snow and rain.

In a trading update, the company said underlying sales for the year to February 25 were nearly 10 per cent below the previous year as a direct result of a drop in customer numbers.

But it said spending by those clubbers who did ­venture out remained at a similar level to last year and it was sticking to its profit forecasts. Luminar said a “rigorous cost reduction exercise” was under way.

New chief executive Simon Douglas, the former boss of music retailer Zavvi, started last week and the firm said it hoped he would help “bring focus” as it sought to stand out from the competition.

Douglas replaced founder Stephen Thomas, who stepped down last month.

Luminar runs 90 outlets across the UK but has been hit hard by recession as youngsters have trimmed spending. The shares rose 1p to 36bp.