Train strikes: Pub chain blames walkouts for £4m sales hit
Fuller, Smith & Turner is a listed pub and hotel operator which sold off its brewing operation in 2019. Pic: F,S&TA leading pubs and hotels operator has warned investors it is expecting annual earnings to come in below market expectations, claiming that train strikes have taken the gloss off its performance.
Fuller, Smith & Turner estimated it had lost £4m in sales due to the strike action since last autumn - denting its momentum despite the continued challenge from the"Sales for the four-week Christmas and New Year period increased by 38% against a trading period last year that was impacted by Covid restrictions and work from home guidance", the company said., our sales compared to the same four weeks in 2019 have declined by 5%.
"Since the start of October, we estimate that industrial action has reduced our sales by some £4m and the consequent impact on profitability means that we now expect to report earnings below market expectations for the full year."train strikes have damaged high street salesTraffic numbers have consistently shown a slump in visits to town and city centre destinations on days when strikes have taken place.
"In comparison to pre-pandemic levels, our like for like sales for the 43 weeks are at 97% against the same period in FY 2020.""While it is frustrating that the train strikes have set back our reported sales and earnings, it is reassuring that we are achieving our anticipated sales trajectory in periods unaffected by strikes.
"While ongoing strike action will dampen sales, demand from customers remains good and we are optimistic that 2023 will deliver further sales growth."
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