TRG has ‘satisfactory' start to financial year but warns of tough times ahead
The Restaurant Group (TRG) has had a "satisfactory" start to its financial year but has warned of tough market conditions ahead.
The owner of the Garfunkels, Chiquito and Frankie & Benny's chains, which operates more than 390 restaurants and pubs across the UK, reported a 5.5% increase in total sales for the first 18 weeks of the year. It said sales of restaurants open for at least a year were up by 0.5%.
TRG added that overall, its leisure division had traded well, with a particularly strong performance from its pub restaurant business over the past eight weeks. Meanwhile, restaurants based in cinemas and retail parks suffered from "variable footfall" during that time.
The company has opened two new Frankie & Benny's restaurants and one new Chiquito since the start of the financial year as well as two new concessions at Gatwick airport, all of which are performing in line with expectations.
TRG plans to open between 22 and 27 new restaurants this year, including its 200th Frankie & Benny's restaurant.
Looking to the future, TRG chairman Alan Jackson said tough times were ahead. "Trading conditions during 2011 look set to continue to be similarly challenging to those we experienced during 2010, with consumer sentiment remaining cautious, and household inflation and disposable income still under pressure," he said.
"Our business continues to cope well with these conditions and is trading in line with management's expectations. We are confident of reporting further profitable progress, on a comparable 26-week basis, at our next interim results."
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TRG reports 8% rise in turnover >>
](http://www.caterersearch.com/Articles/2010/11/11/335887/TRG-reports-8-rise-in-turnover.htm) [Caterersearch 100: Andrew Page >>By Kerstin Kühn
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