Loungers PLC - operator of restaurants across England and Wales - Says it has outperformed the UK market since indoor trading resumed on May 17. In the 20 weeks that ended October 3, like-for-like sales grew by 27% from equivalent period in 2019. Says the reduction of VAT supported its sales results. Opens 13 new sites in the 24 weeks to October 3, bringing its total portfolio of locations up to 181 sites. Plans to open a further 10 sites in financial 2022.
Chief Executive Nick Collins says: "I am particularly pleased with the strength of performance in the new sites we have opened in this financial year. Loungers continues to thrive as we put Covid behind us and manage the current challenges facing our sector. This success reinforces our roll-out strategy, and we look ahead with confidence, with our pipeline of future sites as strong as it ever has been."
Expects to release its half-year results on December 1.
Current stock price: 295.25 pence, up 0.9% on Friday
Year-to-date change: up 32%
By Scarlett Butler; scarlettbutler@alliancenews.com
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