Connect to share and comment

Restaurant Group full-year turnover rises 9 percent

Thomson ReutersEnlarge
(/GlobalPost)

Jan 9 (Reuters) - Britain's Restaurant Group Plc said turnover rose 9 percent for the year ended Dec. 30 as more people opted to eat out at its casual dining chains rather than high-end restaurants, and it estimated profit to be slightly ahead of market forecasts.

The company, which owns the Frankie & Benny's chains, said analysts' average forecast for pretax profit for the 52-week period was 64 million pounds ($103 million).

Restaurant Group, which also operates the Garfunkel's and Chiquito chains, said like-for-like sales increased 4.5 percent for the year.

The FTSE 250 company, which changed its name to Restaurant Group in 2004, opened 28 restaurants in 2012 and said it would open between 28 and 35 sites in 2013.

The company's rival Marston's Plc had said like-for-like sales in its managed pubs business increased 2 percent during the eight weeks to Nov. 24, with food sales rising 3.4 percent.

Restaurant Group's shares, which rose about 34 percent in the past year, closed at 382.20 pence on the London Stock Exchange on Tuesday.

http://www.globalpost.com/dispatch/news/thomson-reuters/130109/restaurant-group-full-year-turnover-rises-9-percent