Like-for-like sales at British pub company, Greene King, were down -1.8% for the 49 weeks to 8 April, announced its pre-close trading statement published today (12 April).
Operating 2,900+ pubs, restaurants and hotels across the nation, the company blamed the weather over the past 12 months for having “impacted” trading – particularly in its destination food-led venues.
That said, a “strong” Easter, supported by jam-packed sporting fixtures, saw LFL sales rise 2.8% compared to the weekend the previous year.
Having opened nine new pubs over the year, the company’s portfolio currently stands at 1,758 retail pubs, restaurants and hotels, and 1,145 tenanted, leased and franchised pubs.
While like-for-like net profit was also down in Pub Partners, at -0.3%, Greene King said it “remains on track to deliver targeted cost savings of £40-45m” and is “well placed to withstand the external market challenges and deliver long-term value to our shareholders.”
