At the AGM of The Restaurant Group plc (LON:RTN), to be held later today, Debbie Hewitt, Chairman, will provide the following trading update:
Current trading
Current trading is in line with our expectations with Group like-for-like sales for the 19 weeks ended 12 May 2019 up 2.8%. Total sales were up 57% in the period reflecting the benefit from the Wagamama acquisition and the record number of new Pubs and Concessions sites opened during 2018.
In the period we saw strong performances from Wagamama which has continued to significantly outperform in its core UK market, and from our Pubs business, which consistently traded ahead of the pub restaurant sector. Our Concessions business traded well and we remain focused on optimising our Leisure business against the backdrop of a declining market.
Outlook
We are comfortable with the performance in the first 19 weeks of the current financial year and remain focused on realising the synergies from the Wagamama acquisition, executing on our multi-pronged growth strategy and optimising our Leisure business.
About The Restaurant Group plc
The Restaurant Group plc operates over 650 restaurants and pub restaurants throughout the UK. Its principal trading brands are Frankie & Benny’s, Wagamama, Chiquito and Brunning & Price. It also operates a multi-brand Concessions business which trades principally in UK airports. In addition the Wagamama business has 5 restaurants in the US and over 50 franchise restaurants operating across a number of territories.
