Greene King confident it will meet targets

02 September 2008 by
Greene King

Pub operator and brewer Greene King remains confident of meeting expectations this year despite a fall in profits and sales.

The company, which has moved to reduce beer and wine prices at 200 of its tenanted pubs, saw like-for-like sales in the 16 weeks to 24 August slide 1.6% at its managed division.

Within Pub Partners, the group's tenanted and leased operation, profits fell 1.7%, with the industry wide trend of falling beer sales through the on-trade hurting the business's performance.

Greene King said consumer confidence was continuing to weaken and although its larger food led sites and Loch Fyne Business were performing well many wet-led pubs continued to feel the pinch.

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By Chris Druce

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