2 Dec 2015 10:31
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Don't have an account? Click here to register.Summer heat, World Cup add cheer to Greene King sales
Fri, 07th Sep 2018 07:30
(Sharecast News) - The hot summer spell and football World Cup boosted sales at Greene King in the first 18 weeks of the year as Brits inhaled 3.7m pints of beer during England's seven matches.The brewer said positive momentum in its Pub Company unit continued through the summer with like-for-like (LFL) sales up 2.8%, ahead of the market, which was up 1.2%.Growth over the last 10 weeks was 3.2%, the company said."This strong performance was underpinned by the ongoing benefits from our sales driving investment...and boosted by the weather and a successful World Cup," the company said.Greene King branded pubs saw LFL sales up driven by "very strong...drink growth" - LFL sales on the day of the England's defeat to Croatia in the semi-final were up 61%.However, LFL net profit in the Pub Partners operation was -0.4% after 16 weeks, impacted by the timing of higher overhead costs, Greene King said, adding that it expect this to balance out over the year.Total beer volumes in Brewing & Brands were up 4.0% and own-brewed volumes were up 0.3%."Our cost mitigation programme to help offset gross cost inflation of around £45m-£50m is on track and we are making good progress with our refinancing programme, which will reduce the cost of debt and increase flexibility," the company said."We remain on course to dispose of 100-110 pubs this year and expect to open around nine new pubs."
More News
2 Dec 2015 07:15
Greene King surges as Spirit Pub integration boosts interim profit
(ShareCast News) - Pub operator Greene King posted a rise in first half pre-tax profit and revenue thanks in part to the integration of Spirit Pub Company. For the 24 weeks to 18 October, statutory pre-tax profit increased 17.9% to £84.9m as revenue surged 49.2% to £917.7m. Chief executive officer
Read more1 Dec 2015 15:19
Wednesday preview: Eurozone inflation due, Greene King and Zoopla report
(ShareCast News) - Eurozone inflation may have improved in November compared to a year ago, according to analysts' forecasts ahead of consumer price index data on Wednesday. The flash estimate of CPI for November is expected to show a 0.2% year-on-year increase, compared to 0.1% in October. Core inf
Read more25 Nov 2015 16:05
23 Sep 2015 14:41
FTSE 250 movers: Production figures boost Premier Oil, Petra Diamonds rebounds
(ShareCast News) - The FTSE 250 started to climb back on Wednesday to 16,687.19 - up 157.21 points (0.95%) Premier Oil rose after it announced year-to-date production had averaged 57,100 barrels of oil equivalent per day, ahead of a full-year guidance of 55,000. Petra Diamonds continued to rebound
Read more23 Sep 2015 14:37
Broker tips: British American Tobacco, Greene King, Mitchells & Butlers, Glencore
(ShareCast News) - The medium-term outlook for British American Tobacco is "strong" but the firm is facing earnings downgrades from analysts related to movements in foreign exchange markets and price roll-backs in Australia, one large broker said to clients after the company's Investor Day. Nonethel
Read more23 Sep 2015 12:24
HSBC downgrades Greene King, Mitchells & Butlers
(ShareCast News) - HSBC cut its stance on Greene King and Mitchells & Butlers as it took a look at the UK pubs sector. The bank downgraded Greene King to 'reduce' from 'hold' and cut its price target to 780p from 830p saying it was concerned about like-for-like sales growth. "We assume 2%, which is
Read more8 Sep 2015 07:56
Greene King serves up tasty increase in like-for-like sales
(ShareCast News) - Pub operator and brewer Greene King posted an increase in like-for-like sales in the first 18 weeks of its financial year, helped by solid growth across all of its divisions. In the 18 weeks to 6 September, like-for-like retail sales climbed 1.3% year-on-year, with growth in the f
Read more