British pubs group Greene King Plc said it is confident of meeting its full-year profit forecasts, boosted by strong sales of food, although it remains cautious on the outlook for consumer spending reports Reuters today
Greene King, which has around 2,500 pubs in England and Scotland, said in a trading update on Wednesday that retail like-for-like sales were up 3.6 percent in the 49 weeks to April 11, boosted by strong food sales and a good trading performance at its Hungry Horse and Old English Inns brands.
The firm added that it saw second-half margins being broadly in line with last year and said this year's acquisitions were trading ahead of expectations.
In brewing, the company said it had continued to outperform the market, with own-brewed sales volumes up 3.9 percent.
However, Greene King said it remained cautious for the remainder of 2010 "as election uncertainty, rising taxes, public sector cutbacks and fragile consumer confidence may continue to limit consumer spending".
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