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Greene King shares hit as sales slide

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Shares in Greene King slumped 11% after the pub group reported a fall in sales over the summer and issued a downbeat outlook.

Like-for-like sales fell 1.2% in the 18 weeks to 3 September, mainly due to a drop in “value food” sales.

Greene King said it remained “cautious about the trading environment”.

It also expected the “challenges of weaker consumer confidence, increased costs and increasing competition to persist over the near term”.

The gloomy news from the pub group – a FTSE 250 member – also hit shares in rivals, with Marston’s down 7% and JD Wetherspoon falling 2.5%.

The mid-cap FTSE 250 index was down 0.75% at 19,548.70 by midday, while the benchmark FTSE 100 index stood 34.08 points lower, or 0.5%, at 7,362.90.

On the currency markets, the pound was boosted by stronger-than-expected manufacturing figures. Sterling rose 0.7% against the dollar to $1.3196 and was 0.3% higher against the euro at 1.0933 euros.


Source: BBC