Restaurant Group reports strong start to 2013
27 February, 2013
The Restaurant Group has reported an impressive start to the year with like-for-likes sales up 6.5% in the eight weeks to 24 February. Total sales were ahead 14% on the same time last year.
The update accompanied the announcement of strong full year results for the 52 weeks to 30 December. During the year, total revenues grew 9% to £533m, with LFLs up 4.5% - well ahead of the industry norm as measured by the Coffer Peach Tracker, which is showing an essentially flat market. Pre-tax profit grew 7% to £65m.
The Restaurant Group operates 422 restaurants and pub restaurants, including the Frankie & Benny's, Chiquito and Garfunkel's brands, Brunning & Price pub restaurants and its airport concession business. Last year, it opened 28 new sites and plans another 28-35 for 2013, of which roughly half will be Frankie & Benny's.
It also expects to open up to six of its new Coast to Coast restaurants in 2013 adding to the existing five. The company says it has identified "several dozen locations where we are confident that a Coast to Coast restaurant would trade well" and the process of building a new site pipeline was well in hand.
CEO Andrew Page said: "The Restaurant Group produced another strong performance in 2012 with all parts of our business in growth. We are fortunate to have an outstanding team at TRG and, yet again, they worked diligently to deliver these superb results."
He added that TRG would "stick to our areas of expertise".
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