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Greene King Christmas day sales hit £7.7m record despite cost cutting

Greene King has announced it hit a record sales figure of £7.7m for Christmas day despite cost cutting amid food price inflation, rising rates and wage increases.

The pub chain also confirmed that it had seen like-for-like sales for the the last two weeks of 2018 rise by 10.9%. Greene King, which currently runs over 3,000 pubs across the UK, also announced a 3.2% increase in like-for-like sales for the 36 weeks up to 6 January.

Greene King has been cutting costs in order to “limit net cost inflation to £10-20m”, whilst also planning to “dispose” of 100-110 pubs and open around nine new pubs in the new financial year.

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A company statement read: “While the ongoing uncertainty around Brexit may still have an impact on consumer confidence and spending during the year, we remain confident of our outlook for the financial year.

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“We remain focused on our strategic priorities of driving profitable sales growth, developing a more streamlined and efficient organisation, and further strengthening and improving the flexibility of our capital structure to deliver long-term value for our shareholders.”

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