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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."
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9 Sep 2016 09:18

Britain's FTSE slips, banking stocks gain after ECB

(ADVISORY- Follow European and UK stock markets in real time on the Reuters Live Markets blog on Eikon, see cpurl://apps.cp./cms/?pageId=livemarkets) * FTSE 100 down 0.1 pct * Banks extend post-ECB rally * Bunzl, Burberry fall after downgrades * Mid-cap pub operators in fo

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9 Sep 2016 07:37

Greene King hails 'strong start' to year but warns over Brexit impact

(ShareCast News) - Pub company Greene King said it has made a strong start to the year, with like-for-like sales growth of 1.7% in the 18 weeks to 4 September, but sounded a cautious note on the impact of the Brexit vote. Greene King attributed its strong start to the European Football Championships

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2 Sep 2016 15:05

UK Shareholder Meetings Calendar - Next 7 Days

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2 Sep 2016 15:04

UK Earnings, Trading Statements Calendar - Next 7 Days

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15 Jul 2016 08:33

BROKER RATINGS SUMMARY: Bernstein Cuts Next And M&S To Underperform

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7 Jul 2016 08:52

DIRECTOR DEALINGS: Greene King Non-Executive Director Buys Shares

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5 Jul 2016 14:58

DIRECTOR DEALINGS: Greene King Chairman Philip Yea Buys Shares

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1 Jul 2016 08:51

BROKER RATINGS SUMMARY: Berenberg - Buy Dignity; Liberum - Buy Genus

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29 Jun 2016 13:30

CORRECTED-UPDATE 2-Pub firm Greene King expects to win market share post-Brexit

(Corrects to remove reference to Hungry Horse as a Spirit brand in paragraph 10. It is a Greene King brand.) * Expects to win market share despite Brexit vote * Comparable retail sales up 2.8 pct since start of current FY * FY pretax profit beats consensus * Shares rise as

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29 Jun 2016 07:33

Greene King FY profit up 52%, but warns on Brexit impact

(ShareCast News) - Pub group Greene King reported a surge in full-year profit and revenue, partly thanks to its acquisition of Spirit Pub Company, but cautioned that Brexit was likely to hit consumer confidence in the near term. For the 52 weeks to 1 May, adjusted pre-tax profit rose 52.2% to £256.5

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29 Jun 2016 07:16

TOP NEWS: Greene King Warns On Consumer Confidence Post-Brexit

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22 Jun 2016 15:05

UK Earnings, Trading Statements Calendar - Next 7 Days

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16 Jun 2016 08:10

'Casual dining' restaurants suffer but pubs bubble up, Coffer Peach finds

(ShareCast News) - Trading at larger UK pubs and restaurant groups slowed even further in May, with like-for-like sales down 1.4% year-on-year as a hefty decline at casual dining chains outweighed a small improvement for pubs. These findings from the Coffer Peach Business Trackers were the bigge

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19 May 2016 07:51

Pubs suffer tough April as restaurants enjoy further growth

(ShareCast News) - The restaurants and pubs sector endured a further decline in like-for-like sales in April, as wavering consumer confidence mixed with inclement weather. Like-for-like sales across managed pub and restaurant groups fell 0.8% against the same month last year, according to the Coffer

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17 Mar 2016 08:41

Pub and restaurant sales fall flat in February, Peach Tracker finds

(ShareCast News) - Pub and restaurant sales were flat last month and the industry expects to endure a tougher year than last, according to a respected industry survey. The results of the monthly Peach Tracker, produced by CGA Peach in partnership with Coffer Group, RSM and UBS, found like-for-like s

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