March 18, 2020 / 7:35 AM / 20 days ago

BRIEF-Restaurant Group's FY Like-For-Like Sales To Fall 25% On Coronavirus Hit

March 18 (Reuters) - Restaurant Group PLC:

* RESTAURANT GROUP PLC - CURRENT TRADING & COVID-19 UPDATE

* RESTAURANT GROUP PLC - GROUP LIKE-FOR-LIKE SALES FOR FIRST EIGHT WEEKS OF FINANCIAL YEAR WERE UP 4.5%, IN A PERIOD UNAFFECTED BY COVID-19

* RESTAURANT GROUP - IN LAST 2 WEEKS SEEN INCREASING & MATERIAL IMPACT OF COVID-19 ACROSS BUSINESSES WITH GROUP LIKE-FOR-LIKE SALES BEING DOWN 12.5%

* RESTAURANT GROUP - CONCESSIONS BUSINESS BEEN IMPACTED WITH LIKE-FOR-LIKE SALES DOWN 21.7% AND GETTING WORSE BY DAY GIVEN INTERNATIONAL TRAVEL BANS

* RESTAURANT GROUP - INCREASING EFFECTS OF COVID-19 WILL RESULT IN MATERIAL REDUCTION IN OUTLOOK FOR REVENUE & PROFIT ACROSS BUSINESS FOR H1 OF THIS FY

* RESTAURANT GROUP PLC - OVERALL DECLINE IN GROUP LIKE-FOR-LIKE SALES OF 25% IN FY2020 (ASSUMED DOWN 45% IN FIRST HALF AND 5% IN SECOND HALF)

* RESTAURANT GROUP -SIGNIFICANT DECLINE IN CONCESSIONS BUSINESS (DOWN 92% IN Q2) WITH SIGNIFICANT DISRUPTION THROUGH REMAINDER OF YEAR (DOWN 31% IN H2)

* RESTAURANT GROUP PLC - SUSTAINED REDUCTION IN FOOTFALL ACROSS LEISURE, PUBS AND WAGAMAMA

* RESTAURANT- IN FOOTFALL ACROSS LEISURE, PUBS & WAGAMAMA,LFL SALES ACROSS DOWN 68% IN Q2, INCLUDING 10 WEEKS OF SHUTDOWN, BEFORE NORMALISING THROUGH H2

* RESTAURANT GROUP PLC - GROUP WILL REDUCE CAPITAL EXPENDITURE FOR 2020 BY AT LEAST £45M FROM PREVIOUS GUIDANCE OF £75M

* RESTAURANT GROUP PLC - FORECAST ASSUMES AT LEAST A 50% REDUCTION IN FIXED RENT ACROSS ALL OUR WAGAMAMA, CONCESSIONS, PUBS AND LEISURE RESTAURANTS

* RESTAURANT GROUP PLC - WILL WORK WITH LENDING BANKS TO SEEK COVENANT HOLIDAYS THROUGHOUT 2020

* RESTAURANT GROUP PLC - ESTIMATES ADJUSTED EBITDA FOR FINANCIAL YEAR ENDED 27 DECEMBER 2020 TO BE BETWEEN £95M AND £105M

* RESTAURANT GROUP PLC - WOULD RETAIN A MINIMUM OF £75M OF CASH LIQUIDITY THROUGHOUT REMAINDER OF 2020 FINANCIAL YEAR

* RESTAURANT GROUP PLC - WOULD RETAIN A MINIMUM OF £75M OF CASH LIQUIDITY THROUGHOUT REMAINDER OF 2020 FINANCIAL YEAR

* RESTAURANT GROUP PLC - IS CONTINUING TO CONSIDER ITS FUNDING OPTIONS, BOTH EQUITY AND DEBT, ON AN ONGOING BASIS Source text for Eikon: Further company coverage:

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