Summer rain dampens Fullers performance
18 July, 2012
Fuller, Smith & Turner, the London-based brewer and pub operator, saw like-for-like sales in its managed pubs and hotels fall 1.1% in the 15 week period to 14 July.
Total sales were up 8%, but the company said persistent rain had affected sales in a large number of pubs with gardens. The 1.1% fall is however an improvement on the -2.3% reported for the first eight weeks of the year to 26 May.
The Queen’s Diamond Jubilee and Euro 2012 benefited the other parts of the business more noticeably, Fullers added, with tenanted Inns like-for-like profits up 1% and total beer volumes in the Fuller’s Beer Company growing by 1%, helped by the launch of two new beers, Hope and Glory in May and Wild River in June.
The figures contrast with the latest data from the Coffer Peach Business Tracker, also published today, which shows the overall eating and drinking market up 1.3% in June, following a 2.6% increase in May and a 2% fall in April - with pubs' performance beating the market in June thanks largely to football on TV. See Mixed fortunes for pub and restaurant groups in June - but market lfls up 1.3%
Fullers noted that the 30 pubs it acquired last year were performing well and achieving anticipated sales targets, providing a strong foundation for growth. Six of the 13 managed pubs acquired had been refurbished and the rest would receive investment during the remainder of this financial year. Refurbishments to existing pubs continued to be successful with sales growing 13% as a result and the company planned increased expenditure this year. It remained focused on investing for the long term in quality pubs, in premium markets, it said.
With the Olympics about to start, chairman Michael Turner commented: “The brewery is running at full tilt to ensure that everyone can celebrate with a pint of London Pride.”
For the full Fuller's statement, go to www.fullers.co.uk/
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