3rd Sep 2013 07:33
LONDON (Alliance News) - Greene King PLC Tuesday said like-for-like sales in the last eighteen weeks rose across all of its main trading divisions, buoyed by a combination of one-off factors such as better UK weather, and a feel-good factor from British sporting wins and the arrival of the Royal baby.
The British brewer said it remains cautious about the signs of optimism in the UK market, but expects to deliver improving returns and earnings growth this year.
Greene King said revenue from its retail business, which includes brands such as Hungry Horse, Old English Inns, and Loch Fyne Restaurants, were up 4.5% after eighteen weeks, as a hot British summer offset the difficult comparatives of last year's Queen's Jubilee and European Cup football tournament. It also said it made progress with its retail expansion, with the retail estate reaching 1,000 sites to date.
Greene King said its food business saw an increase in like-for-like sales in the eighteen weeks to September 1, increasing by 5.7%. It also said like-for-like accommodation sales are up 6.0%, boosted by an increase in customers choosing "staycation" holidays within the UK.
The company said its like-for-like drinks revenue was up 3.7% in the period, with the strongest growth coming from the South East of England.
It said total beer volumes rose 1.5% in the last eighteen weeks and said volumes rose 2.7% in its core brands Greene King IPA, Old Speckled Hen, Abbot Ale and Belhaven Best. Greene King said that volumes were particularly boosted by growth of 7.9% in its premium ale brand Old Speckled Hen.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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