Young & Co reports higher pub sales as summer weather and soccer lift trading
Trading at British pub operators is getting an early summer boost from stronger footfall and longer customer stays at outdoor venues. Young & Co says like-for-like sales rise nearly 6% in the first 14 weeks of its financial year, with total revenue also supported by the addition of Cubitt House pubs.
Highlights
- Young & Co reports 9.4% total revenue growth and 5.5% like-for-like sales rise for March 31 to July 6 in early fiscal year trading.
- Favourable summer weather, major sporting events, and extended pub hours drive sales at riverside sites and pubs with gardens.
- Company maintains a confident outlook for FY despite acknowledging higher energy costs and constrained consumer spending.
Early-year trading gains and sales drivers
As reported by Reuters, Young & Co says revenue for the period from March 31 to July 6 rises 9.4% overall and 5.5% on a like-for-like basis in the opening 14 weeks of its financial year.The company says a strong start to summer in England boosts sales at its riverside sites and pubs with gardens. Chief Executive Simon Dodd says performance is supported by favourable weather, a busy summer of sport and contributions from the group’s expanded estate.
Young & Co also says extended opening hours help sales after the government last week allows pubs and bars to stay open until 5 a.m. for England’s match against Mexico over the weekend.
Consumer backdrop and sector implications
The update suggests premium pub operators with outdoor space and high-traffic locations are benefiting from seasonal demand and major sporting events. Panmure Liberum analyst Anna Barnfather says the result continues to validate Young’s premium and differentiated estate, which is positioned to capture high-footfall occasions.Even with the strong start, the company says it remains mindful of a tougher operating backdrop. Young & Co says it is confident in the year ahead despite higher energy costs and tighter consumer spending.
Our earlier coverage looked at Andy Burnham’s proposal to cut business rates for pubs, clubs and music venues by raising rates on warehouses and other large commercial properties. We noted warnings that the warehouse levy may not fully fund the plan, potentially shifting higher costs onto big retailers and adding pressure across the sector through price inflation and wider structural imbalances.
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