Spirit Pub Company has issued an update on current trading for the 8 weeks to 1 March. Mike Tye, Chief Executive, commented:
“Whilst this short eight week period of trading has benefitted from the milder winter weather, our Leased estate continues to make positive progress and we are confident that our Managed estate will continue to go from strength to strength. We remain focused on further improving the quality of our estate through investment in our people, properties, and licensees complemented by innovation, brand evolution, and selective acquisitions and disposals.”
Managed
| 8 weeks to1st March 2014 | 28 weeks to1st March 2014 | |
| Like-for-like Net Sales | +6.1% | +4.8% |
| Like-for-like Food Sales | +6.7% | +4.8% |
| Like-for-like Drink Sales | +5.5% | +4.3% |
The company is encouraged by the continued strong performance of its Managed pubs. Whilst like-for-like sales in the recent trading period benefitted from snow-impacted comparatives, they continue to perform ahead of the marketwith good momentum achieved in both food and drink sales.
Leased
| 8 weeks to1st March 2014 | 28 weeks to1st March 2014 | |
| Like-for-like Net Turnover | +4.5% | +2.9% |
| Like-for-like Net Income | +6.0% | +2.6% |
The company is pleased with the performance of the Leased estate with like-for-like net income remaining in positive territory.
As a result of changes in the supply network ordering process in the period, sales have been brought forward into H1. Without this, like-for-like net income would still have been up 4.6% in the eight week trading period and 2.2% in the year to date.