The Restaurant Group plc (RTN.L) reported that, for the 17 weeks to 24 April, total sales were up 4.7% and like for like sales were down 2.7%. The Group said, since it updated on current trading with the preliminary results on 9th March, it has seen a further deterioration in trading conditions, with Leisure business, in particular, continuing to be impacted by the structural and business challenges referred to in the March Preliminary results statement.
In the short term, the Group does not anticipate any improvement to underlying like for like trends and, on this basis, now expects full year like for like sales to be down between 2.5% and 5.0% which would translate into full year profit before tax in the range of 74 to 80 million pounds.
The Restaurant Group said it has been agreed that Stephen Critoph, CFO, will leave the company with immediate effect. The Board has commenced the search for a new CFO.
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