14th May 2015 07:52
LONDON (Alliance News) - The Restaurant Group PLC Thursday reported growth in sales for the 19 weeks to May 10, as it continues to expand its property portfolio, and said it is on track for continued good performance throughout the remainder of the year.
The Restaurant Group owns brands including Garfunkel's, Frankie & Benny's and Chiquito.
The company said sales were up 8.5% in the 19 weeks, with like-for-like sales up 2% on the same period a year earlier.
Nine sites were opened in the period, each of which are trading well and set to deliver strong returns, the Restaurant Group said.
It plans to open between 42 and 50 new restaurants in the current year, approximately two thirds of which will open in the second half.
"The group's balance sheet remains strong and continues to benefit from good cash generation from our operations," the Restaurant Group said in a statement.
"The group is trading in-line with expectations and we are on track to report a good first half performance. With an improving film release schedule and slightly easier comparatives in the last four months of the year, we anticipate momentum continuing to build well in the second half of the year," it added.
Shares in the Restaurant Group were trading down 2.5% at 701.50 pence Thursday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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