Pub retailer and brewer Greene King Plc (GNK.L) Tuesday said in its interim management statement for the 18 weeks to September 5 that like-for-like sales within Greene King Retail rose from last year. The company also noted that its retail businesses, representing about 70% of its revenues, are trading well.
The Suffolk-based brewer operates in four businesses: Retail, Pub Partners, Brewing Company and Belhaven.
After 18 weeks, like-for-like sales within Greene King Retail rose 4.4%, while like-for-like sales within Belhaven Retail improved 3.3%. Like-for-like food sales in Greene King Retail increased 8.6%. The brewer noted that margins for the period were slightly ahead of last year.
After 16 weeks, the company achieved an increase in average earnings before interest, taxes, depreciation and amortization or EBITDA per pub of 0.7% in Pub Partners business. Greene King noted that trading environment for licensees in the tenanted and leased sector remains challenging.
UK ale market was down over 8%, compared to a growth of over 10% in the comparable period of last year. After 18 weeks, Brewing Company own-brewed volumes were down 4.6%, yet total volumes improved by 0.3%, with a 3.0% rise in Belhaven Best volumes.
Also, the company noted that operating profit, cashflow and the balance sheet are strong, and in line with its expectations.
Looking ahead, the company said economic and consumer environment remains uncertain as a number of significant headwinds, including public sector cuts, benefits reform and the impending VAT rise, are likely to affect future household spending. However, the company said that it will continue to expand its retail businesses and deliver another successful year.
Founded in 1799 by Benjamin Greene, Greene King operates 2,472 pubs and restaurants across England, Wales and Scotland, of which 888 are retail pubs and restaurants and 1,584 are tenanted or leased pubs. The company's leading retail brands are Hungry Horse, Old English Inns, Loch Fyne Restaurants and Eating Inn.
GNK.L is currently trading at 425.10 pence, down 4.40 pence or 1.02% on the London Stock Exchange.
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