The Restaurant Group suffers drop in turnover and like-for-like sales

25/01/2018 - 11:24
Multi-brand casual dining operator The Restaurant Group has reported that like-for-like sales across its restaurants and pubs fell by 3% year-on-year for the 52 weeks ended 31 December 2017.

Total sales for the period were 1.8% down while overall turnover decreased by 4.4%.

Restaurant chains operated by the group include Chiquito, Frankie & Benny’s and Coast to Coast. In total, it runs 497 restaurants and pubs across the UK.

The publicly listed firm said that despite the challenging market, it was making “good progression” on restabilising competitiveness on its leisure brands, growing its pubs and concessions business, and building a "leaner, faster and more focused organisation".

Chief executive Andy McCue said the company would deliver an adjusted profit before tax outcome for the 2017 full year in line with current market expectations.

"In 2017 we made solid progress against our strategic initiatives, resulting in improved volume momentum in our leisure business, a lower cost base and a more focused growth plan. While the market has softened, we continue to benefit from strong cash generation and a healthy balance sheet," said McCue.

He added that a more detailed update on progress against the group’s strategy would be outlined in its preliminary results.

Current Greene King chief financial officer Kirk Davis is due to join the company in the same role on 5 February.

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