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PizzaExpress sales down, reflecting ‘broader slowdown in casual dining market'

26 August 2016 by
PizzaExpress sales down, reflecting ‘broader slowdown in casual dining market'

Like-for-like sales at PizzaExpress are down by 1.3%, reflecting what the company claims is a broader slowdown in the casual dining market.

Britain's casual dining chains have struggled to maintain like-for-like sales this year, with the boom in casual dining brands increasing competition.

The company, owned by Beijing-based Hony Capital, saw turnover grow by 14.1% to £488m in its full year results ending 26 June 2016, and earnings before interest, tax, depreciation and amortisation (EBITDA) were up 0.1% to £100m. The group's EBITDA broke £100m for the first time last year.

This year, PizzaExpress has opened 18 new sites as well as acquiring the gourmet pizza delivery service Firezza. It also signed a deal with restaurant food delivery service Deliveroo, now live in more than 200 PizzaExpress sites, and entered into a partnership with O2 to offer deals to O2 customers.

Richard Hodgson, PizzaExpress CEO, said: "Despite a challenging market environment in the UK, PizzaExpress has made steady overall progress throughout the year. This has been a more challenging year for the UK casual dining sector, with a more cautious consumer and a significant increase in new openings.

"However, the strength of our offer and the initiatives we have put in place, including in the rapidly growing home delivery market, stand us in good stead."

PizzaExpress posts strong turnover growth but flat like-for-like sales >>

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