Young & Co's Sales Climb on World Cup Fever and Favorable Summer Weather
Young & Co's Financial Performance Overview
July 7 (Reuters) - British pub operator Young & Co's Brewery said on Tuesday its like-for-like sales rose nearly 6% in the first 14 weeks of its financial year as good weather and the soccer World Cup drew drinkers to its pubs and gardens.
Key Financial Highlights
Here are some details:
Revenue Growth
• Revenue for the period between March 31 and July 6 was up 9.4% overall, helped by the newly acquired Cubitt House pubs, and up 5.5% on a like-for-like basis, the firm said.
Impact of Summer Weather and World Cup
• A good start to summer in England boosted sales at Young & Co's riverside locations and at pubs with gardens.
• "(Performance) was supported by favourable weather, a busy summer of sport, with England’s success in the World Cup so far a welcome boost, and contributions from our expanded estate," CEO Simon Dodd said.
Extended Opening Hours
• It said extended opening hours contributed to strong sales for Young & Co, after the government last week permitted pubs and bars to remain open until 5 am for England's match against Mexico over the weekend.
Analyst Commentary
• "The result continues to validate Young’s premium, differentiated, and well-invested estate, which is well-positioned to capture high-footfall occasions," Panmure Liberum analyst Anna Barnfather said.
Outlook for the Year Ahead
• The firm said it was confident in the year ahead despite a challenging backdrop of higher energy costs and tighter consumer spending.
Reporting and Editing
(Reporting by Prerna Bedi in Bengaluru; Editing by Rashmi Aich)
