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Greene King 18-week LFL Sales In Pub Company Down - Quick Facts

Greene King PLC (GNK.L) Friday reported that like-for-like or LFL sales in Pub Company were down 1.8 percent for the first 18 weeks, reflecting the tough comparatives of last year's successful World Cup and good weather. On a two year basis, LFL sales for the first 18 weeks were up 1.0 percent.

LFL sales in Pub Company grew 1.5 percent over the last seven weeks and, on a two year basis, were up 2.4 percent.

LFL net income in Pub Partners was down 4.2 percent for the first 16 weeks, driven by softer LFL beer sales following last year's comparatives.

In Brewing & Brands, total beer volumes were down 6.5 percent for the first 18 weeks and own-brewed volumes were down 7.9 percent.

Looking ahead, the company said it is on track with its cost mitigation programme and expect to limit net inflation this financial year to 10 million pounds to 20 million pounds.

He company remains on track with its disposal programme and expects to dispose of 85-95 pubs this year, generating disposal proceeds of 45 million pounds to 55 million pounds from which it will fund the opening of eight new pubs.

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