Wagamama owner reveals positive trading update as sales increase
The Restaurant Group says Wagamama and its pubs have delivered encouraging trading momentum through the first four months of the year.
Wagamama sales were up two per cent for the 13 weeks ending on April 2, compared to last year.
And Wagamama, which has venues in Telford, Cannock and Birmingham, saw dine-in sales jump by 10 per cent, although takeaway and delivery sales were down.
A trading update said: "Through proactive management actions across the cost base the Group has been able to deliver £5m of incremental annualised cost savings.
"The Group expects to benefit from approximately 70 per cent of the cost savings in 2023, with the full benefit flowing through from financial year 2024 onwards.
"Current favourable UK property market dynamics are providing further additional opportunities for new Wagamama sites on attractive rent terms with good incentives.
"The Group will accelerate the expansion of Wagamama restaurants and now anticipate seven to eight new openings in 2024, versus five planned previously."
