Prezzo sales climb 26%
7 September, 2011
Prezzo, the Italian restaurant chain, saw sales increase by 26% in the six months to 3 July to £59.6m. Pre-tax profit was up by 17% at £7.3m.
The chain, headed by chief executive Jonathan Kaye, did not disclose lik-for-like figures, but Douglas Jack, analyst at Numis, said he estimated that average sales were up over 5%, largely due to easy comparatives in January, the opening of larger sites and refurbishments.
"Nothing has been said of pricing and promotional strategy, but that will be questioned at this morning’s presentation," Jack added.
Prezzo opened seven sites in the period and is on track to add 20 new restaurants over the year - a marked increase on the two new sites in 2009. It is currently trading from 168 sites.
- New openings: Whiteley, Coast to Coast, Poundcafe, Revere, Loungers
- Culture the key advantage, Jim Sullivan tells London audience
- Bacon and Neill line up for Future of Finance debate
- Marston's continues with new builds as like-for-likes rise 6%
- New openings: Jamie opens diner, Shake Shack sets date
- Restaurant Group plans 30 plus new sites, as like-for-likes grow 4.5%
- Sales recover in April after big freeze, with London to fore
- Auction Against Hunger raises £100,000
- New openings: More for D&M, TGIF, Harvester, Ed's