UK: Greene King adds to Xmas cheer
UK pub operator Greene King Plc said today that it had experienced a good Christams and New Year trading period, outpacing some of its closest rivals with key like-for-like sales on an upward trend.
In a statement the company said: "Like for like sales in managed houses increased by 5.6% in the four weeks to 5th January and the cumulative increase for 36 weeks is 3.3%. In the tenanted business, year to date like for like turnover is up by 4.9%."
The volume sales of its own brewed ales were ahead by 4.6% after 36 weeks, led by Old Speckled Hen, which was up 25%. Greene King IPA was up 2% and Abbot Ale 7%.
Greene King added that the integration of Old English Inns had been progressing well saying:
"Synergies of £2m (US$2.86m) next year have been confirmed and the next phase will be to raise their trading margins towards our own levels."
The group's four-week trading pubs performance outpaced fast-growing rival J.D. Wetherspoon Plc, which runs 550 managed pubs, after it reported earlier this month a 3.7% rise in like-for-like sales in a six-week period to 6th January.
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