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Greene King continues to enjoy good sales growth
Monday, 23rd April 2012
Brewer and pub operator Greene King said retail like-for-like (LFL) sales were up 4.6% in the 15-week period to 15th April and up 4.5% in the last quarter. Food LFL sales in Retail up 6.3% in the fifteen week period and up 6.7% in the quarter.
Average EBITDA per pub in Pub Partners was up 3.8% after 48 weeks.
Core brand own-brewed volumes were up 0.8%.
Rooney Anand, CEO, said: 'Our strong trading momentum continued through the final quarter of our financial year, with particularly good growth in our key business, Greene King Retail. Our focus on delivering unrivalled value, service and quality to our customers continues to drive our growth.
'Following a record Christmas, we achieved very strong LFL sales growth on Valentine's Day, Mother's Day and St. Patrick's Day. On Mother's Day, we sold 220,000 meals, up 16% on the previous year, with wine sales up 18%. Easter sales this year, despite more mixed weather, were in line with Easter last year.
'Our success at big events and our performance in London, where LFL sales are up 6.7%, bode well for the upcoming summer as we are well placed to benefit from the Diamond Jubilee, Euro 2012 and the Olympics.'
Greene King Retail continues to achieve strong growth and performed well in the last quarter of our financial year. After 50 weeks, like-for-like sales growth was 4.6% after 4.5% growth in the last thirteen weeks. March was very strong, helped by the warmer weather, while February was in line with the previous year, despite tough comparatives.
The focus on, and investment in, growing The group exposure to the eating out market continues to generate good growth in food sales. Food LFL sales growth was 6.3% after 50 weeks and 6.7% in the last thirteen weeks. Recent performance has been helped by the launch, ahead of Easter, of our new spring menus across a number of retail brands and formats.
The retail expansion strategy is on track with 37 new sites acquired or developed in the year so far, while Hungry Horse, the leading retail brand, has grown to 180 sites across the UK.
After 48 weeks, average EBITDA per pub in Pub Partners, our tenanted, franchised and leased business, was up 3.8%. LFL EBITDA was -0.1% with core estate LFL EBITDA at +0.5%.
In Brewing & Brands, the industry-leading core ale brand portfolio has maintained its market outperformance. In a UK ale market down 4.5%, core brand own-brewed volumes were up 0.8% after 50 weeks. Towards the end of the period, the group relaunched Greene King IPA, the UK's no. 1 cask ale brand, backed up by marketing support of £4m, including new TV advertising. As part of the relaunch, it also introduced two new beers: Greene King IPA Gold and Greene King IPA Reserve.
Overall, profit, cashflow and balance sheet remain in line with expectations.
Preliminary results for the 52 weeks to 29th April 2012 will be announced on 28th June 2012.
Story provided by StockMarketWire.com
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