14th Oct 2022 10:34
(Alliance News) - Loungers PLC on Friday said it is continues to "significantly outperform" the market, as it works against inflationary pressures.
The operator of restaurants across England and Wales said that in the 24 weeks ended October 2, it continued to "significantly outperform" the market.
Over the period, the company delivered like-for-like sales growth of 17%, using the period April 22 to October 6, 2019, as the comparator.
"The continued strength of performance against a well-documented challenging macroeconomic backdrop is testament to the relevance and resilience of our brands." it said.
It recorded non-property net debt of GBP9.5 million at October 2, down from GBP11.9 million at October 3, 2021.
Since the start of its financial year, it noted that it has opened 11 new sites, comprising eight Lounges and three Cosy Clubs, taking its portfolio to 206 sites.
Looking ahead, Loungers expects to open a further 19 sites in its current financial year, in line with its accelerated roll-out plan.
Chief Executive Nick Collins said: "We are operating in a particularly inflationary environment and we are working hard to mitigate inbound cost pressures and to maintain the value for money principles that are so important to our customers. We continue to focus on getting the right balance and take confidence from the positioning of both Lounge and Cosy Club and their market-leading track records."
Loungers plans to announce its half year results on November 30.
Shares in Loungers were up 1.5% to 207.00 pence each in London on Friday morning.
By Sophie Rose; [email protected]
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