(Sharecast News) - Bar and restaurant operator Loungers said on Friday that it had continued to "significantly outperform the market" in the 24 weeks ended 2 October, with "industry-leading" like-for-like sales growth seen throughout the half.
Loungers said it delivered like-for-like sales growth of 17.0% when compared to the same period in 2019 as the comparator, despite trading within the "well-documented challenging macroeconomic backdrop".
The AIM-listed group highlighted that its balance sheet remained "strong", with non-property net debt at 2 October of £9.5m, down from £11.9m a year earlier.
Loungers also noted that since the start of the financial year, it had opened 11 new sites, made up of eight Lounges and three Cosy Clubs, taking its portfolio to 206 sites. It expects to open a further 19 sites in the current financial year.
Chief executive Nick Collins said: "Loungers continues to thrive and I am delighted with our consistent out-performance of the market, thanks to the fantastic efforts of our teams and the hospitality they provide.
"We are operating in a particularly inflationary environment and we are working hard to mitigate inbound cost pressures and to maintain the value for money principles that are so important to our customers. We continue to focus on getting the right balance and take confidence from the positioning of both Lounge and Cosy Club and their market-leading track records."
As of 0820 BST, Loungers shares were up 0.98% at 206.0p.
Reporting by Iain Gilbert at Sharecast.com
Loungers Plc (LGRS)