Wagamama-Owner Reports €96.5 Million Pre-Tax Loss
The Restaurant Group, which owns and operates Wagamama, has reported €96.5 million in pre-tax losses in the six months to June 30th, falling from a £12.2 million profit in the previous year.
The group said that it was weighed down by impairment charges related to its leisure estate.
TRG said that it was greatly boosted by its recent acquisition of Wagamama as the chain ‘continued to significantly outperform the market’.
Like-for-like sales for the period rose by 4% compared to the first half of 2018.
Looking forward, the company said that it plans to further deliver the benefits of the Wagamama acquisition and to grow its concessions and pubs business.
Its Wagamama business is recording strong multi-channel growth, mainly due to its partnership with Deliveroo, and TRG also plans to launch an extended vegan range.
It added that its Concessions reported like-for-like sales growth ahead of passenger growth, with even more opportunities ahead.
Its pubs also continue to outperform the market.
© 2019 Hospitality Ireland – your source for the latest industry news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Hospitality Ireland print edition.