|
Restaurant Group PLC said on Tuesday strong trading is helping to offset rising inflation in the year to date, as its expectations for the full year remain unchanged.
In the 19 weeks ended May 15, the Wagamama and Frankie & Benny's chain owner said like-for-like sales in three of its divisions outperformed comparable 2019 sales, with Wagamama 15% ahead, Pubs 10% and Leisure 6%.
The recovery of the Concessions division, which operates in UK airports, lagged behind, with sales coming in 20% below 2019 levels. However, the division did outperform the wider market by 12%, when measured against UK air passenger growth.
Restaurant Group noted the ‘volatile inflationary market’ and anticipates food and drink inflation will be around 9% to 10% over the year. It will work with its supply chain partners to mitigate inflation, it said.
Its expectations for the financial year remain unchanged, as the company expects the offsetting effect of higher trade on inflation pressures to continue.
Shares in Restaurant Group were down 1.8% to 53.35 pence each in London on Tuesday afternoon.
Copyright 2022 Alliance News Limited. All Rights Reserved.
|
