Loungers reports record sales

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Loungers reports record sales

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All-day dining restaurant group Loungers has reported record sales for the year to April 2022.

The group says it continues to “significantly outperform” the market, with like-for-like sales up 22% over the 48 weeks to 17 April 2022.

While trading during December was subdued as a result of the Omicron variant, the group says like-for-like sales in the second half rebounded convincingly post-Christmas, allowing it to deliver record total revenue for the financial year of £237.3m.

Loungers, which operates 164 Lounge cafes and 31 Cosy Club restaurant bars, has provided two-year comparisons pre-Covid. It says that like-for-likes were up 14% when the benefits of the VAT relief was stripped out.

 In light of its strong performance post-Christmas the company says it expects profitability for the financial year to be slightly ahead of market expectations.

“I am delighted with trading in both the Lounge and Cosy Club brands over the financial year,” says CEO Nick Collins.

“We continued to deliver underlying, volume driven like for like sales growth despite the uncertain consumer backdrop, and we are well-positioned to increase share in the coming months through our new site opening programme and value for money offer.”

Over the course of the financial year Loungers opened a record 27 new sites, comprising 26 Lounges and one Cosy Club.

It says it continues to be very pleased with the strength of these openings and that its new site pipeline is ‘in excellent shape’.

“We are optimistic as we look ahead to FY23,” says Collins.

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