Young's sees 5.6% Q1 sales boost
Pub operator Young's saw like-for-like sales rise 5.6% for the company's first quarter, while total sales were up 8.3%.
That's according to figures expected to be announced by chairman Nick Bryan at the company's annual general meeting (AGM) today.
The group's accommodation business, which was a major focus of investment for the firm in recent years, saw a like-for-like sales increase of 11.9%. Food was up 7.8% and drink, the largest part of the company's sales mix, was up 4.2%.
His AGM announcement will also include the following observations: "This year is benefitting from the eight acquisitions made last year. Since the start of the year we have also opened the Bull & Gate, an imposing pub in Kentish Town, and the iconic Canonbury, in Islington.
Three other pubs are currently under development and due to open in the late summer/autumn: the Nine Elms Tavern, the Trafalgar (Tooting) and the Guard House (Woolwich). These projects, along with other large investments made in our existing estate last year, will provide a helpful tailwind as we compete against the strong comparatives.
"In addition we are looking forward to the Rugby World Cup 2015 this autumn. With many of our pubs within easy reach of Twickenham, and being famous rugby venues in their own right, we expect the tournament to be good for trade and to bring a feel-good factor to South West London.
"Consumer confidence continues to grow as the economic recovery gathers momentum. We must retain a degree of caution as macro-economic risks remain, but we are confident that, through our long-standing strategy, the talent, commitment and passion of my colleagues, and our robust balance sheet, we will continue to deliver superior returns to our shareholders."
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