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Restaurant Group hit by Beast from the East

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Restaurant Group hit by Beast from the East

Restaurant Group shares rose 4 percent on Wednesday morning, despite sales falling by 4 percent after poor weather affected footfall.

On a reported basis, sales fell 3.1 percent in the 20 weeks to 20 May. Sales improved in the first seven weeks of the second quarter, like-for-like sales declined by just 1.8 percent as the company made moves to entice customers back in.

The group, who owns chains including Frankie & Benny’s and Garfunkel’s, said it expects to see further benefit from its strategic initiatives “as the year progresses”.

“We expect to deliver results for the full year in-line with current market expectations.”

The group blamed weak sales on the Beast from the East and a generally challenging high street climate.

Shares in Restaurant Group (LON:RTN) are currently up 3.59 percent at 324.85 (0913GMT).