The Restaurant Group reports a year of progress

The Restaurant Group's (TRG) most recent financial statement reports a year of progress, also noting the company's continued outperformance of the market. 

The group highlights strong like-for-like (LFL) sales since reopening for dine-in on 17 May 2021, comparing the 33 weeks from 17 May to 2 January this year to the same period in 2019. 

TRG's LFL sales for its Wagamama brand during this period were up 15%, outperforming the market by 8%. Its concessions reached 41%, outperforming the market by 18%. Additionally, its pub and leisure brands were up 9% and 14% respectively, an outperformance of 11% and 7%. 

The statement also presents a current trading outlook, comparable for the eight weeks from 3 January to 27 February 2022. Wagamama's LFL sales were up 21% during this period, while its pubs and leisure venues were up 11%, and LFL concessions sales reached 35%.

Management's expectations for FY2022 remain unchanged, with a healthy pipeline of new Wagamama and pub openings scheduled; though the group remains mindful of the potential inflationary impacts arising from the Ukraine conflict. 

TRG chief executive, Andy Hornby, comments: "2021 was a year of substantial progress at TRG. The recapitalisation of the balance sheet and strong trading performance have allowed us to deliver a robust set of financial results despite the various restrictions that have impacted the sector. 

"I'd like to thank every single one of our teams who have gone the extra mile on so many occasions during 2021 and delivered a market outperformance across all our brands." 

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