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BRIEF-Greene King says 18-wk Pub Company LFL sales down 1.2 pct
September 8, 2017 / 6:09 AM / 2 months ago

BRIEF-Greene King says 18-wk Pub Company LFL sales down 1.2 pct

Sept 8 (Reuters) - Greene King Plc

* IN FIRST 18 WEEKS OF YEAR, PUB COMPANY LIKE-FOR-LIKE (LFL) SALES WERE -1.2%, AGAINST A MARKET WHICH DECLINED -0.7%*

* IN THE FIRST 18 WEEKS OF THE YEAR, EXCLUDING FAYRE & SQUARE, WHICH IS BEING REBRANDED DURING THIS FINANCIAL YEAR, LFL SALES WERE -0.9%

* IN FIRST TEN WEEKS, LFL SALES WERE IN LINE WITH OUR EXPECTATIONS AND BROADLY IN LINE WITH LAST YEAR, DESPITE TOUGH COMPARISONS FROM EURO 2016

* SINCE SECOND HALF OF JULY, WHEN WEATHER WORSENED, TRADING WEAKENED.

* CONTINUING TO ADDRESS CHALLENGES OF VALUE FOOD SECTOR THROUGH MEASURED CAPITAL INVESTMENT TO UPGRADE AND REPOSITION PUBS AND THROUGH SELECTIVE DISPOSAL

* PROGRAMME TO DELIVER £45M OF COST SAVINGS THIS YEAR, INCLUDING FURTHER COST SYNERGIES FROM SPIRIT ACQUISITION, IS ON TRACK

* LFL NET PROFIT IN PUB PARTNERS WAS UP 1.4% AFTER 16 WEEKS, WITH IMPACT OF MRO IN LINE WITH OUR EXPECTATIONS

* IN THE FIRST 18 WEEKS OF THE YEAR, OWN-BREWED VOLUME WAS DOWN -0.5% AGAINST A UK ALE MARKET DOWN -2.9% AND A CASK ALE MARKET DOWN- 7.0%

* EXPECT CHALLENGES OF WEAKER CONSUMER CONFIDENCE, INCREASED COSTS AND INCREASING COMPETITION TO PERSIST OVER NEAR TERM Source text for Eikon: Further company coverage:

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