Restaurant Group sales sink after 'inevitable impact' of England's football success
Frankie & Benny’s owner Restaurant Group fell victim to the “inevitable impact” of adverse weather and England’s unexpectedly good performance in the World Cup.
Like-for-like sales, based on sites open for more than a year, slipped 3.7pc in the six months to July 1, while total sales fell 2.1pc to £326.1m. Profit before tax slid from £12.6m to £11.7m.
Boss Andy McCue said England’s progression in the tournament had kept people indoors but had at least been “good for the country’s morale”. He remained confident about the prospects of the company, reaffirming its full-year guidance. This buoyed long-term investors in the heavily shorted stock, which rose almost 6pc in morning trade.
Mr McCue said he…