Revolution Bars hails seventh consecutive year of record Xmas sales
Revolution Bars hailed its seventh consecutive year of record Christmas sales on Wednesday.
Like-for-like sales in the four-week trading period leading up to and including New Year’s Eve rose 4% from the previous year, with weekly sales per venue averaging more than £65,000.
For the 26 weeks to 28 December, total revenue rose 3.4% to £81.2m, while like-for-like sales were 1.2% higher.
Revolution said sales trends in October and November broadly followed those in the first quarter and, as expected due to strong growth in pre-booked party income, ramped up in December.
Revolucion de Cuba saw "strong" LFL sales growth throughout the period, with a further strengthening in the Revolution brand LFL sales trend.
Chief executive officer Rob Pitcher said: "I am delighted with our Christmas trading and the steady improvement in our like-for-like sales performance over the first half is further evidence that our key initiatives are driving both operational and financial improvement.
"Considerable strides have been made in rebuilding customer loyalty and driving sales and profit from the existing estate, creating a stronger business with significant cash generation. Whilst external cost pressures persist, we will continue to manage cautiously, using excess cash to reduce indebtedness below one times EBTIDA before we will consider further expansion opportunities."
Revolution said it has exchanged contracts with real estate investment company Aprirose, landlord of nine of its properties, to surrender five leases of loss-making sites and re-gear a further four leases with a small net rent reduction but with a-25 year term.
This will improve on-going full-year operational cash flows by around £1.2m per annum.
At 0940 GMT, the shares were up 3.3% at 87.29p.