Greene King and Spirit pubs post sales rise

 
City A.M. Reporter
ISH

ISH pubs and brewery group Greene King said sales at its own pubs grew 5.1 per cent despite an unusually wet summer, sending its shares up more than four per cent yesterday.

The 213-year-old Suffolk-based firm, which owns brands such as Hungry Horse and Old English Inns, said like-for-like food sales rose 5.2 per cent for the 18 weeks to 2 September, while drink sales were up five per cent.

Nevertheless, it expects consumer confidence to remain subdued for the rest of the year. It also added that the Olympics had “net minimal impact” on its performance.

“In London, the City and west end were generally quiet while in the suburbs, trading was noticeably stronger,” the group said.

Rival pub group Spirit, which demerged from Punch Taverns last year, also posted a rise in sales at its managed estate, up 4.1 per cent in the final quarter.

But its leased estate continued to struggle, with net income down 5.4 per cent, which Spirit said was due to rent rebasing.