Like-for-like sales up for Greene King
Suffolk brewer and operator, Greene King, has reported like-for-like sales growth of 4.7% in its managed pub division for the 51 weeks to 24 April 2011.
In a pre-close trading update it revealed that food is driving growth in Greene King Retail, with sales up 8.2%. Food is expected to account for 40% of sales for the year, it said.
The strongest growth was in its 158-strong Hungry Horse brand, where like-for-likes were up 10.1%.
The Belhaven estate in Scotland saw like-for-like sales up 4%, while the recently-acquired Cloverleaf business is delivering strong sales growth. Greene King revealed that weather has had a dramatic impact - like-for-like sales growth in the managed arm have hit 8.2% since week 35 - the last week to have been impacted by the snow. It also claimed the good weather over the last few weeks has helped trading.
The tenanted division, Pub Partners, saw growth despite the challenges of the sector. Like-for-like editda s was up 0.8%, with average ebitda per pub up 1.9%. "We continue to invest some of our growth into providing long-term support for our licensees to help improve both their customer offer and the overall trading environment in our tenanted and leased pubs," Greene King said.
The brewing business saw a 2% rise in beer volumes. Own-brewed volumes fell by 2.5%. Core brands Greene King IPA, Old Speckled Hen and Abbot Ale are all level with last year.
