LONDON (dpa-AFX) - Pub operator Greene King plc. (GNK.L) reported Thursday that its Pub Company like-for-like or LFL sales for the 49 weeks to April 8 dropped 1.8%. Further, the company said it expects full-year profit before tax and exceptionals to be in the range of 240 million pounds to 245 million pounds.
The weather over the last 12 weeks impacted trading, particularly in the company's destination food-led pubs. On an underlying basis, excluding the impact of snow, LFL sales in the year-to-date were down 1.2%. The company noted that both drink and accommodation LFL sales were ahead of last year.
Trading over Easter was strong with LFL sales up 2.8% against the Easter weekend last year, helped by strong sporting fixtures, especially football and boxing, the company said.
After 48 weeks, LFL net profit in Pub Partners was down 0.3% while own-brewed volumes in Brewing & Brands were down 0.7%, ahead of the UK ale market at down 3.1%.
Further, the company said it remains on track to deliver targeted cost savings of 40 million pounds to 45 million pounds.
'With our high quality portfolio of pubs, excellent team, strong balance sheet and sustainable dividend, we remain well placed to withstand the external market challenges and deliver long-term value to our shareholders,' the company said in its statement.
Copyright RTT News/dpa-AFX