London, September 02, 2008 - Brewer and pub operator Greene King said on Tuesday it should meet its expectations for the current financial year, despite tough trading and a lacklustre outlook for the UK economy.
The Bury St Edmunds, Suffolk-based group, which has about 2,500 pubs in England and Scotland, said like-for-like sales at its managed pub division in the 16 weeks to Aug 24 fell 1.6 percent in the 16 weeks to August 24.
Comparable sales at its tenanted pubs were down 1.7 percent.
Greene King said market conditions remained challenging as consumer confidence weakened further and spending continued to contract.
The group said, however, that it was well placed to withstand many of the pressures created by those trends.
"Despite the current trading challenges and lacklustre outlook for the UK economy, the board anticipates meeting its expectations for the year," it said in a statement prepared for its annual meeting.
Shares in the company were down 0.5 percent at 530 pence in early trading.