12 January 2018 – first quarter trading update
A trading statement covering the 14 weeks ended 6 January 2018 has been released. Trading through the core three week festive season was said to be strong, with like-for-like sales growth of 3.9%. Christmas Day was a record taking day with like-for-like sales growth of 5.4% and 225,000 meals sold. Over the full 7 week period since the company’s last update its sales performance has been encouraging, despite the fact that it was impacted by adverse weather in the run up to the festive season. Adjusting for an additional week in the previous financial year, like-for-like sales growth was 1.6% in the 7 weeks prior to the trading update and 2.2% in the year to date at that time. On an unadjusted basis, like-for-like sales growth in the year to date was 1.1% and total sales have increased by 0.5%, the latter figure reduced by disposals in the prior year. The company has opened 2 new sites and completed 114 conversions and remodels in the financial year to date. It expects to complete around 270 remodels and conversions in the full year. The shares remain a BUY.