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BRIEF-Greene King says LFL sales for 40-wks to Feb. 5 up 1.1 pct
February 10, 2017 / 7:25 AM / 6 months ago

BRIEF-Greene King says LFL sales for 40-wks to Feb. 5 up 1.1 pct

Feb 10 (Reuters) - Greene King Plc

* Trading statement for 40 weeks to 5th february 2017

* In first 40 weeks of year, pub company achieved like-for-like (lfl) sales growth of 1.1 pct

* Excluding fayre & square, lfl sales were +1.6 pct

* Over last 16 weeks, we have seen a strong christmas trading period alongside usual quieter months of november and january.

* Lfl sales over three christmas weeks were up 4.5 pct, despite tough comparisons with previous christmas.

* We again broke our record for christmas day with sales of £7.4m, up 6.0 pct on previous year.

* In a cask ale market down 3.8 pct, own-brewed volume (obv) in brewing & brands was down 4.2 pct.

* Further progress was made on spirit integration with over 1,000 pubs now converted to 'best of both' pub company it system and ongoing synergy

* We reached our target of 11 new pub acquisitions, of which six were farmhouse inns and five were hungry horse

* Our disposal programme accelerated in second half as expected

* So far this year, we have sold 59 pubs across both pub company and pub partners for total proceeds of c.£35m

* We anticipate disposing a further 50-60 pubs this year, raising proceeds of c. £30-40m.

* We are confident that combined strength of our brands, pubs, people and cash generation leaves us well placed to deliver another year of progress Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 80 6749 1136)

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