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 final 10 weeks of the period reaching a 1.9% pace.However, when stripping out the impact of new drink-driving regulations put in place in Scotland, like-for-like retail sales increased 1.8% over the 18 weeks and climbed 2.4% over the final 10 weeks.The FTSE 250 company said like-for-like sales in the Spirit-managed estate, which the group acquired earlier this year, grew 0.8% year-on-year, while like-for-like net income after 16 weeks of the financial year rose 1.1%. The same metric rose 2.% over the same period in the Pub Partners division.In the Brewing & Brands business, own-brewed volumes increased 1.7% in the 18 weeks, with good growth for its Old Speckled Hen, Greene King IPA and Abbot Ale brands, even though the division had set a tough benchmark a year earlier due to the football World Cup in 2014.Greene King shares were up 1.35% to 822.45p at 0814 BST on Tuesday.