Restaurant Group to beat consensus

12th Jan 2011 07:47

Restaurant Group, which owns the Garfunkel's, Chiquito and Frankie and Benny's chains, expects full-year profits to be "just ahead" of the market consensus.Turnover for the 53 weeks to 2 January was up 7% on the 52 weeks last year, or 4% when this year's extra week is taken off. Revenue had risen 9% in the 27 weeks to 4 July. Like for like sales this time fell 1%."Turnover for the final part of November and the first four weeks of December was impacted by the unusually harsh weather conditions experienced throughout the UK, although since then trading has been very strong," the group said."Against a challenging economic backdrop this represents a good performance."Business at the 24 new restaurants opened in 2010 has beaten expectations. As many as 27 new outlets are targeted for this year.Results for the 53 weeks are out early March.