Loungers posted encouraging results this morning, with the company reporting that it has continued to outperform average market growth since indoor trading commenced in May.
The chain, which operates 150 Lounge cafe-bars and 31 Cosy Club restaurant-bars, increased like-for-like sales by 27% for the 20 weeks to 3 October versus the same period two years ago.
Loungers said it had benefitted from the VAT reduction but insisted that the strength of performance was also testimony to the “relevance and resilience” of its brands.
Since the start of the financial year, the group has opened 13 new sites, comprising 12 Lounges and one Cosy Club, taking the portfolio to 181 sites as of today.
It expects to open a further 10 sites in the current financial year.
Nick Collins, CEO at Loungers, said: “Our like-for-like sales have been consistently strong since re-opening, across all site age cohorts and both brands. In addition, I am particularly pleased with the strength of performance in the new sites we have opened in this financial year.
“Loungers continues to thrive as we put Covid behind us and manage the current challenges facing our sector. This success reinforces our roll-out strategy and we look ahead with confidence, with our pipeline of future sites as strong as it ever has been.”
Loungers will next update the market on 1 December 2021 when it announces its half-year results.