By Najat Kantouar
Loungers has reported strong revenue growth for the first half of the year reflecting a rise in like-for-like sales and its progressive expansion strategy.
The operator of cafes, bars and restaurants–which trades under the Lounge and Cosy Club brands–said Friday that for the first half year ended Oct. 1 group sales growth increased by 7.7%, reflecting a strong like-for-like sales performance since the pandemic.
Revenue rose to 149.6 million pounds ($182.1 million) compared with GBP122.3 million for the same period a year earlier, as inflation impacts reduced in line with expectations.
The group has opened 16 new sites, taking the portfolio to 238 sites.
“Our consistent sales growth reflects the continued evolution of our offer and the resilience of the U.K. consumer and high street. We have now opened 34 sites in the past 12 months, creating around 1,000 jobs in the process, and 72 sites since the last coronavirus lockdown. With a great pipeline of further openings in front of us I have never felt more optimistic about our prospects,” Chief Executive Officer Nick Collins said.
Write to Najat Kantouar at najat.kantouar@wsj.com
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