Sales continue to slump for Restaurant Group

Chiquito Ipswich

The Restaurant Group, which owns brands like Frankie & Benny’s, Chiquito and Coast to Coast, has reported that sales have slid for 20 weeks to May 21st.

Like-for-like sales are down once again – a 1.8% drop – while the group’s like-for-like sales were down 2.7% in Q1 last year.

But the group remains confident that it will report full-year pretax profit in line with market expectations after comparable sales for the first 20 weeks of the year fell at a slower rate than last year.

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The company, which operates more than 500 restaurants and pubs in the UK, said comparable sales for the 20 weeks to May 21 fell 1.8% and total sales declined 1.5%.

However, the fall is less than the 3.9% dip in 2016 total comparable sales that was reported in March.

Restaurant Group said its concessions business, which has food and beverage operations within 12 British airports, benefited from strong passenger numbers but expects this to moderate over the remainder of the year.

According to Reuters, the full-year pre-tax profit is expected to be around £57m. The company reported annual pre-tax profit of £77m in 2016.

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