Greene King toasts record Christmas trading amid cost-cutting plans
Pub chain Greene King today recorded strong sales growth over Christmas and the New Year as it cashed in on festive drinking.
Greene King said like-for-sale sales over the last two weeks rose 10.9 per cent, while Christmas day sales hit a record £7.7m.
The chain, which operates almost 3,000 pubs, restaurants and hotels across the UK, also saw a 3.2 per cent increase in like-for-like sales in the 36 weeks to 6 January.
Despite this, Greene King said it will continue its plan to cut costs amid food price inflation, rising rates and wage increases.
The pub retailer said it is on track to limit cost inflation to between £10m and £20m in the year. It also plans to close between 100 and 110 pubs and open roughly nine new branches as part of the cost-cutting programme.
“While the ongoing uncertainty around Brexit may still have an impact on consumer confidence and spending during the year, we remain confident of our outlook for the financial year,” the company said.
Greene King, which brews ales such as Old Speckled Hen and Abbot Ale, said drinks sales growth was boosted by its branded local pubs.
Shares in Greene King were up more than four per cent this morning.
The figures round off a successful year for the brewery, which enjoyed strong trading during the World Cup over the summer.
Greene King is due to announce a successor to chief executive Rooney Anand, who will step down at the end of the financial year after 14 years at the helm.