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    RTN   GB00B0YG1K06

THE RESTAURANT GROUP PLC

(RTN)
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Restaurant : to close some stores in leisure division, suspend dividend

02/26/2020 | 03:20am EDT

Restaurant Group, the owner of the Frankie & Benny's chain, said on Wednesday it would shut stores in its leisure business and temporarily suspend its dividend.

The company, which operates restaurants and pubs in the UK under brands such as Chiquito and Coast To Coast, said it would reduce the number of stores to 260-275 by the end of 2021, from 350 currently.

Shares in Restaurant Group fell 3.4% to 113.5 pence at 0814 GMT.

The company has been struggling with falling sales in its leisure business that have also offset robust performance in its Wagamama, Concessions and Pubs units.

"This will allow us to continue investing in our three high growth businesses, whilst facilitating an acceleration of our Leisure estate rationalisation and reducing our net debt", Restaurant Group said.

The company reported statutory pretax loss of 37.3 million pounds for the full year ended Dec. 29, compared with a pretax profit of 13.9 million pounds last year.

Restaurant Group reported a 2.7% rise in its annual like-for-like sales, with total sales surging 56.4% to 1.07 billion pounds.

The company said trading for the first six weeks of 2020 was encouraging with like-for-like sales up 5.3%.

(Reporting by Samantha Machado in Bengaluru; Editing by Bernard Orr)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AT HOME GROUP INC. -0.03% 36.8 Delayed Quote.138.03%
THE RESTAURANT GROUP PLC 0.66% 121.8 Delayed Quote.88.47%
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Financials
Sales 2021 530 M 735 M 735 M
Net income 2021 -39,1 M -54,2 M -54,2 M
Net Debt 2021 224 M 311 M 311 M
P/E ratio 2021 -21,8x
Yield 2021 -
Capitalization 926 M 1 277 M 1 284 M
EV / Sales 2021 2,17x
EV / Sales 2022 1,40x
Nbr of Employees 14 000
Free-Float 99,7%
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Technical analysis trends THE RESTAURANT GROUP PLC
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 16
Average target price 136,64 GBX
Last Close Price 121,00 GBX
Spread / Highest target 40,5%
Spread / Average Target 12,9%
Spread / Lowest Target -38,0%
EPS Revisions
Managers and Directors
NameTitle
Andrew Hedley Hornby Chief Executive Officer & Director
Kirk Dyson Davis Chief Financial Officer & Director
Alison Deborah Moria Hewitt Independent Non-Executive Chairman
Graham Colin Clemett Senior Independent Non-Executive Director
Alison Digges Independent Non-Executive Director
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