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The Restaurant Group reports 3% drop in like-for-like sales

07 March 2018 by
The Restaurant Group reports 3% drop in like-for-like sales

The Restaurant Group, which operates Frankie and Benny's, Chiquito and Coast to Coast, has reported a 3% drop in like-for-like sales with total revenues down 4.4% to £679m.

The group, which is believed to be looking to sell its flagship Chiquito site, said that adjusted profit before tax was down 26.4% to £57m for the 52 weeks ended 31 December 2017.

Chairman Debbie Hewitt said that it had been a transitional year for the group, which operates 598 sites, in which it "took a low-key approach to marketing our key brands while the changes to the proposition were at an early stage".

During 2017 the Restaurant Group revised prices at its 259 Frankie & Benny's sites with the introduction of a £9.95 fixed-price menu and a more value-driven core menu.

Menus have also changed at Chiquito with main course entry prices reduced by 10% and a reduction in like-for-like dish prices by an average of 6%.

Chief executive Andy McCue said: "As expected, 2017 was a transitional year for the group, with significant investments made in price and proposition within our leisure business, which is driving improving volume momentum.

"We start 2018 with a significantly more competitive offering in our leisure business, a strengthened pipeline of growth opportunities in both our pubs and concessions businesses, and a leaner, faster and more focused organisation. I'd like to thank our colleagues for embracing the change agenda and for their contribution to stabilising the business."

The Restaurant Group expected to put flagship Chiquito on the market >>

The Restaurant Group puts six more sites up for sale >>

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