First Quarter Trading Update
First quarter like-for-like sales grew 3.9% despite adverse weather; festive period delivered 10.4% growth.
vs expectations: ahead of market
- Like-for-like sales growth (15 weeks to 11 January 2025) 3.9%
- Like-for-like sales growth (festive three-week core period) 10.4%
- Food like-for-like sales growth (15 weeks) 4.0%
- Drink like-for-like sales growth (15 weeks) 3.6%
- Total sales growth (year to date) 3.8%
- Conversions and remodels completed (year to date) 40
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Trading statement covering the 15 weeks ended 11 January 2025.
Sales
The business traded very strongly across the festive season with like-for-like growth of 10.4% over the core three-week period, built on numerous record sales performances through the estate and the brand portfolio.
Across the first quarter as a whole like-for-like sales remained well ahead of the marketa, growing by 3.9% despite the notable adverse, albeit temporary, impact of very cold and stormy weather over the last couple of weeks.
Like-for-like sales:
| 7 weeks to 16 November 2024 | 8 weeks to 11 January 2025 | 15 weeks to 11 January 2025 | |
|---|---|---|---|
| Food | 4.1% | 3.9% | 4.0% |
| Drink | 3.4% | 3.8% | 3.6% |
| Total | 4.0% | 3.9% | 3.9% |
Total sales have grown by 3.8% in the year to date.
Investments
We continue to focus on investment in the estate, and in the year to date we have already completed 40 conversions and remodels. We remain encouraged by returns being generated.
Outlook
Sales have remained strong throughout the first quarter, and we remain confident in our ability to tackle the c.£100m of year-on-year cost headwinds we expect to face this financial year, driven primarily by increased labour costs, to deliver continued profit growth and market outperformance.
Phil Urban, Chief Executive, commented:
"We are delighted to have delivered another very strong festive trading period, with some excellent performances across our brand portfolio. Growth was particularly strong on festive key dates supported by volume growth, and with record sales on Christmas Day. Cold and stormy weather over recent weeks has subsequently had a material adverse impact on trading but we remain confident in the strength of underlying sales growth.
Our focus remains on the effective execution of our Ignite programme of initiatives and our successful capital investment programme, driving cost efficiencies and increased sales. We continue to leverage the strength of our diverse portfolio of established brands and enviable estate locations and believe we are well positioned to further grow profitability and market share in the year ahead."
Definition
a - As measured by the CGA Business Tracker.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.