Trading remains strong at Restaurant Group (RTN), underpinning hopes for the rollout of its new Coast to Coast restaurant brand. In the 43 weeks to 28 October 2012, sales were up 8.5 per cent for the group and 3.5 per cent on a like-for-like basis, which implies impressive 3.9 per cent third-quarter like-for-like growth according to broker Numis Securities.
The group has now opened a second Coast to Coast restaurant and has plans to take the total to five by the end of the year. Overall, 16 sites have been opened so far this year across all the group's brands, with a full-year target of 26-29 units. A strong cinema release schedule, which will buoy demand at the group's many restaurants located in leisure parks, should mean a strong end to the year.