Skip Header
Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

Loungers reports slight slowdown in LFL sales growth

(Sharecast News) - Cosy Club owner Loungers reported a slight slowdown in like-for-like sales growth on Tuesday and a jump in revenue. In an update for the 24 weeks to 6 October, the company highlighted LFL sales growth of 4.7% over the previous year. This compares to 5% LFL sales growth reported for the 11 weeks to 7 July 2024.

The group, which also operates all-day café/bar/restaurants across the UK under the Lounge and Brightside brands, said this was "another clear demonstration of Loungers' ability to consistently outperform the broader UK hospitality market".

Total group revenue rose 19.2% on the previous year to £178.3m and Loungers said it continues to make good progress towards its target of returning to a pre-Covid EBITDA margin level of 13.5%.

Loungers opened 17 new sites during the period, versus 16 in the same period a year earlier, taking the total portfolio to 273 sites as at 6 October 2024. This included the Ritorno Lounge on Bristol's harbourside, which opened in July and has had the strongest start for a new site in the group's 22- year history.

A further 18 sites are set to open in the second half.

Chief executive Nick Collins said: "I am delighted with our performance and the consistency of our sales growth, both in terms of like for like growth in the mature estate as well as the strength of our new openings. During the period we have opened in 17 towns and high streets across the UK, which adds up to 37 in the last 12 months, and enormous credit is due to the hard work and professionalism of our amazing teams.

"From what we are seeing across our sites, UK consumers are feeling increasingly confident and want to go out and enjoy themselves across all parts of the day. That confidence, combined with the variety, breadth, flexibility and relevance of our all-day offering, is reflected in our continued sales success."

Share this article

Related Sharecast Articles

Thames Water creditors seek support for £1.5bn rescue fund
(Sharecast News) - A coalition of Thames Water's creditors was reported to be seeking additional investors to support a £1.5bn rescue fund on Monday, aimed at stabilising the troubled water utility and sustaining its operations through to next October.
Zahawi reportedly helping Dovid Efune in £550m Telegraph bid
(Sharecast News) - Former Conservative chancellor Nadhim Zahawi is actively engaged in efforts to support a £550m takeover of the Daily and Sunday Telegraph led by Dovid Efune, a New York-based media investor and current proprietor of the New York Sun, it was reported on Monday.
Croma Security Solutions reports solid final results
(Sharecast News) - Croma Security Solutions Group reported solid financial results for the year ended 30 June on Monday, with group revenue rising 8.9% to £8.74m, after the first full year under its new strategic direction.
Zotefoams confident in meeting full-year expectations
(Sharecast News) - Zotefoams reported a robust trading performance for the first nine months of the year on Monday, with year-to-date sales ahead 23% at £110.7m, compared to the same period last year.

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

Award-winning online share dealing

Search, compare and select from thousands of shares.

Expert insights into investing your money

Our team of experts explore the world of share dealing.