Today’s news in brief – 11/10/23
Marston’s saw total retail sales rise by 11.2% during FY23, ended 30 September, with like-for-like sales rising by 10.1% compared with FY22. Sales for the 10-week period from 23 July to 30 September increased by 7.7% year-on-year. This included an upturn in the last five weeks, where like-for-like sales saw a 12% boost. Due to the group’s success with its franchise-style model in 19 food-led managed pubs, it will target 50 more franchised openings next year. Additionally, Marston’s has secured its energy costs for the next year, providing financial confidence for FY24.
Famous Brands issued a profit warning, anticipating that its basic earnings per share (BEPS) for the six months ended 31 August 31 may be 20% lower than expected. The reported BEPS are predicted to be between 174 and 225 cents per share, a decrease of 13% to 33% compared to the previous period. This reduction in BEPS is attributed to the liquidation of Gourmet Burger Kitchen Limited in August 2022. The company cited load shedding, cost pressures, and a challenging economic environment as factors impacting profitability.
Greene King has appointed Zoe Bowley to oversee the Metropolitan Pub Company for a nine-month period. She will focus on developing the Metro business and customer proposition, as well as managing its Crafted Pub business. Bowley has extensive experience in leadership roles, having served as MD of Pizza Express and held operations positions at Whitbread and WeightWatchers. The current managing director of Metro, Michael Horan, will step down to pursue new interests after successful cancer treatment.
Joël Robuchon will open a new branch of Le Deli Robuchon in Chelsea on 30 October. The deli will feature an open-plan layout with cream leather seating and an expansive deli counter serving French rotisserie chicken. The food offerings have been curated by group executive chef David Alves, who played a role in the menu development at the relaunched L’Atelier Robuchon in Mayfair.
