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Restaurant Group Sees Shares Rise as Consumer Spending Remains Resilient

The Restaurant Group, owner of the Wagamama dining chain, has provided an optimistic update on its annual profit expectations despite challenges faced by brands like Frankie and Benny’s. Despite this drag, the company reported a 10% increase in revenue for the first half of the year, reaching ┬ú467.4m. Its adjusted core profit also rose by 15%, amounting to ┬ú36.3m. The growth was primarily driven by the success of its Wagamama outlets, Brunning & Price pubs, and airport concessions, which experienced a 29% rise in sales. However, its leisure business, including Frankie & Benny’s and Chiquito restaurants, suffered a 2% decline as the result of decreased demand caused by cost of living challenges faced by its core customer base.

Despite these challenges, the Restaurant Group noted signs of more resilient trading in recent weeks, supported by a strong slate of film releases. It has also reduced its leisure trading estate, planning to operate 76 sites at the end of the financial year compared to the 116 previously operated during the winter. While the company expects higher annual adjusted core profits, no specific range was provided. Analysts, on average, projected profits of approximately £77.5m.

In addition, the outlook for costs over the medium term is improving for the Restaurant Group. The hospitality sector has been heavily impacted by rising costs since the reopening of the economy, along with increasing energy prices due to Russia’s conflict in Ukraine. The cost of living crisis, including higher mortgage and rental costs resulting from increasing interest rates to combat inflation, has further squeezed businesses in the sector. However, despite these challenges, consumer spending has shown resilience, as indicated by recent data showing a recovery in retail sales after a decline in July.

Overall, the AI legalese decoder can assist in this situation by analyzing and interpreting complex legal language used in contracts, agreements, and regulations related to the Restaurant Group’s operations. The decoder utilizes artificial intelligence to simplify and decode legal jargon, making it easier for the company to understand and comply with legal requirements. This can help mitigate legal risks and ensure smoother operations for the Restaurant Group.

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