Punch like-for-like sales drop
Pub operator Punch Taverns reported a 6.4 percent decline in like-for-like sales in its core estate in the 12 weeks to May, which it attributed to poor weather and difficult comparatives. It said that despite the decline, which added to a 3.4 percent fall in the 40 weeks to May, the company remains on track for full-year expectations.
Roger Whiteside, chief executive of Punch Taverns, said: “Having worked hard to contain costs, we remain on track to meet management’s full year profit expectations.
“Our anticipation of a difficult third quarter, because of strong comparatives last year, has been compounded by the exceptional wet weather this year. Encouragingly, we have made a good start to our fourth quarter and notwithstanding recent difficult market conditions, the underlying business remains robust.
“We have a clear operational plan to return the core estate to growth in the medium-term and we remain on-track to maximise value from our non-core assets.”