Punch Taverns and Greene King toast bumper summer takings

City A.M. Reporter
PUB GROUPS Greene King and Punch Taverns have enjoyed a summer of rising sales, helped by the hot summer and growing consumer confidence.

Greene King, which operates the Hungry Horse and Old English chains, said yesterday that like-for-like retail sales rose 4.6 per cent in the 18 weeks to 1 September.

“This performance has been helped by some one-off factors including the feel-good factor from continued British sporting success and the arrival of the Royal Baby, combined with much improved weather over the summer months,” said chief executive Rooney Anand.

Greene King, which also benefits from a greater exposure to the more affluent south east of England, said underlying food sales rose 5.7 per cent during the period.

Meanwhile Punch reported an improving sales trend and said year profit would meet expectations.

It said core estate net income increased 0.4 per cent in the fourth quarter, a third straight quarter of improvement, taking the year outcome to down 2.4 per cent.

Punch also reported good progress on its restructuring plan.