Loungers losses flat as cost cuts offset pandemic impact; hails strong reopening growth

Wed, 21st Jul 2021

Cafe, bar and restaurants ownwer Loungers reported annual losses that were roughly in line with last year's, amid cost cuts and periods of strong performance between pandemic-led lockdown restrictions. For the 52 weeks ended 18 April 2021, pre-tax losses were £14.7 million from £14.8 million, while revenue fell 52.9% to £78.3 million. 'There was significant market out-performance since full re-opening on 17 May, with net like for like sales growth of +23.7% in the nine weeks from 17 May to 18 July 2021 versus the same period in 2019,' the company said. Seven new sites opened to date in the current financial year, and the company aimed to return to opening sites at the pre-Covid-19 level of 25 sites per year. Story provided by StockMarketWire.com

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