Restaurant Group sitting comfortably for FY

11th Nov 2010 07:20

Restaurant Group, owner of the Garfunkel's chains, said it is trading in line with management expectations despite the tough economic backdrop and is confident of meeting full year targets.The group, which also owns Frankie & Bennie's and Chiquito chains, said like-for-like sales in the first 45 weeks of 2010 are currently 0.25% above the comparable period for 2009. Turnover is 8% ahead of same period last year."The group has continued to trade resiliently, with like-for-like sales growth, since we provided our last update at the beginning of September and we remain confident of meeting our expectations for the full year," it said in a company statement.Looking forward to 2011, the group expects current trading conditions to continue with ongoing pressures on consumer spending from tax rises and potentially higher unemployment.However the group is confident that its value for money offering will help drive profit."Our distinct market positioning with strong brands...with great value-for-money offerings will, in the absence of a significant downturn in the economy, enable the group to continue its profitable development," the company said.