Wagamama owner says it outperformed market

The UK firm operates three Wagamama outlets in Ireland along with a number of other brands
Wagamama owner says it outperformed market

Restaurant Group said sales at its Wagamama chains grew at a slower pace in December due to restrictions related to the Omicron variant, but that the group overall outperformed the broader market.

The owners of the Wagamama restaurant chain, the Restaurant Group, is forecasting annual profits at the top end of its expectations as it reined in costs to deal with food and drink inflation and labour market pressures.

The UK firm operates three Wagamama outlets in Ireland along with a number of other brands. 

In a trading update, it estimated that adjusted core profit would come in at the top end of its projection range of £73m (€87.27m) to £79m (€94.4m) for the year ending January 2.

The group, which runs restaurants, pubs and kiosks in travel hubs, cautioned that consumer confidence would take longer to recover despite the lifting of Covid-related restrictions.

Restaurant Group said sales at its Wagamama chains grew at a slower pace in December due to restrictions related to the Omicron variant, but that the group overall outperformed the broader market.

Other pub operators such as JD Wetherspoon and Mitchells & Butlers saw a drop in Christmas sales after the Omicron winter surge left venues largely empty during what should have been one of their busiest periods.

Restaurant Group had also flagged staff shortages and supply chain constraints last year on its road to recovery from pandemic lows and warned inflationary cost pressures would last through its fiscal 2022.

• Reuters

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