Casual dining group posts lower sales as demand falls

0 TRG, whose brands include Chiquito and Frankie & Benny’s, upheld its forecasts The Restaurant Group (TRG) has reported a fall in sales as a weaker UK dining market took its toll on the business. The company – whose brands include Chiquito, Frankie & Benny’s and Joe’s Kitchen – reported a 3 per cent drop in like‑for‑like sales in the 52 weeks to 31 Decem‑ ber, while total sales dropped by 1.8 per cent.

Chief executive Andy Mccue said: “In 2017 we made solid progress against our strate‑ gic initiatives. While the mar‑ ket has softened, we continue to benefit from strong cash generation and a healthy bal‑ ance sheet.” But the group held steady on 2017 pre‑tax profit guidance despite weak‑ er revenues, saying the figure would be in line with current market expectations.

TRG, which operates 497 casual dining sites across the UK plus many concession premises, also stood ground on its 2018 sales forecasts as it continues its efficiency drive, adding that the “pipeline of new site opportunities con‑ tinues to grow”.