Spirit reports managed pubs sales rise

Food sales grew 4.7% on a like-for-like basis, with drink like-for-likes up 2.8%. Across the 52 weeks to 17 August, like-for-like net sales increased by 1.6% (food: +2.8%, drink +0.6).

Spirit said: “Our managed pubs ended the year well in the fine summer weather. Our brands continue to deliver strong like-for-like food sales growth and we are pleased with our drink like-for-like sales given the tough year-on-year comparatives against Euro 2012. Focus on the execution of our well established strategy continues to produce encouraging results.”

Leased estate​

In Spirit Leased division, like-for-like net turnover grew 2.2% in the 17 weeks, against a decline of 0.4% across the 52 weeks. Like-for-like net income dipped by 0.4% in the 17 weeks, representing a reduction in the decline across the 52 week period (0.6%).

“We are pleased with the progress in the transformation of our Leased estate with performance in line with our expectations. Like-for-like turnover ended the full year marginally down but we saw improving momentum through the year, with the final quarter seeing like-for-like net turnover in growth and like-for-like net income broadly flat.

“The quality of the Leased estate was further enhanced in the final quarter as we completed another 45 investment schemes and disposed of an additional 14 pubs which had been identified as having limited future potential.”

Spirit chief executive Mike Tye said: “We have delivered a strong finish to the financial year in both estates with our performance reflecting a combination of improved weather over the summer and further execution of our strategy.

“We expect full year earnings to be in line with market expectations and remain well positioned for further growth. We continue to innovate to create compelling brands and pubs as well as investing in the talent and leadership of our people to deliver hospitality excellence for our guests.”