UPDATE 1-Restaurant Group on track to meet FY view
* Expects trading conditions to be tough in 2010
* Expects 18 to 20 new openings in 2009
(Adds detail)
LONDON, Nov 18 (Reuters) - The Restaurant Group (RTN.L), which owns the Garfunkels and Frankie & Benny's chains, said on Wednesday it was confident of meeting its expectations for the full-year but expected conditions to remain tough in 2010.
The company, which has 365 restaurants and pub restaurants and also owns the Chiquito chain, said it expected pressures to remain on consumer spending, including tax rises, fuel price increases and the threat of higher unemployment.
The Restaurant Group said it had continued to trade in line with its expectations during the first 46 weeks of 2009, with like-for-like sales 3 percent down on the previous year. Total sales were up by 4 percent.
The company said it had traded well during the period, as its value-for-money offering appealed to consumers struggling amid the backdrop of increasing levels of unemployment and high levels of household debt.
It added that it had avoided deep discounting and continued to secure a good margin and profit performance.
The group has opened 17 new restaurants in the year to date and anticipates between 18 and 20 new openings for 2009 as a whole. It expects to open between 15 and 20 new restaurants in 2010.
Market expectations for full-year pretax profit currently range between 36 million pounds and 45.5 million pounds, with the consensus at 41.7 million pounds ($70.19 million), according to a Thomson Reuters I/B/E/S poll of 16 analysts.
Shares in The Restaurant Group closed at 196 pence on Tuesday, valuing the business at 387 million pounds.
(Reporting by Matt Scuffham; Editing by Will Waterman) ($1=.5941 Pound)
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