(Reuters) – Fuller Smith & Turner said on Monday it expects its full-year earnings to come below market expectations, as several tube and train strikes affected the British pub operator’s sales.
Sales during the four holiday weeks declined by 5% from the 2019 numbers due to the industrial strikes, the pub group said, adding that industrial action likely reduced its sales by some 4 million pounds ($4.96 million) since last October.
“While ongoing strike action will dampen sales, demand from customers remains good and we are optimistic that 2023 will deliver further sales growth through a busy calendar of events, and as office workers and tourists continue to return to the Capital,” Chief Executive Officer Simon Emeny said.
Pub and restaurants are also grappling with rising expenses of everything from labour and food ingredients to energy at a time when consumers are cutting down on spending amid a cost-of-living crunch.
Still, Fuller saw a 38% jump in its sales for the holiday weeks year-on-year as the company benefited from the soccer World Cup and Christmas shopping.
($1 = 0.8060 pounds)
(Reporting by Radhika Anilkumar in Bengaluru; Editing by Sherry Jacob-Phillips)
