Young & Co's sales rise as good weather, soccer draw drinkers to pubs
Young & Co's sales rise as good weather, soccer draw drinkers to pubs July 7 (Reuters) - British pub operator Young & Co's Brewery YNGa.L said on Tuesday its like-for-like sales rose nearly 6% in the first 14 weeks of its financial year as good weather and the soccer World Cup drew drinkers to its pubs and gardens.
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Revenue for the period between March 31 and July 6 was up 9.4% overall, helped by the newly acquired Cubitt House pubs, and up 5.5% on a like-for-like basis, the firm said.
A good start to summer in England boosted sales at Young & Co's riverside locations and at pubs with gardens.
"(Performance) was supported by favourable weather, a busy summer of sport, with England’s success in the World Cup so far a welcome boost, and contributions from our expanded estate," CEO Simon Dodd said.
It said extended opening hours contributed to strong sales for Young & Co, after the government last week permitted pubs and bars to remain open until 5 am for England's match against Mexico over the weekend.
"The result continues to validate Young’s premium, differentiated, and well-invested estate, which is well-positioned to capture high-footfall occasions," Panmure Liberum analyst Anna Barnfather said.
The firm said it was confident in the year ahead despite a challenging backdrop of higher energy costs and tighter consumer spending.
(Reporting by Prerna Bedi in Bengaluru; Editing by Rashmi Aich)
((Prerna.Bedi@thomsonreuters.com; +91 98052 24616;))