Café-restaurant chain Loungers has announced plans to open 35 stores across the UK after bouncing back from the pandemic with record revenues for the full year.
The company, which was founded in Bristol, published its trading update for the year ending April 16 2023, recording like-for-like sales growth, up 7.4% on a one-year basis and 17.6% ahead of pre-pandemic levels on a three-year basis. Loungers said it delivered "record total revenue" for the financial year of £283.5m, up 19.5% on the previous year, which was £237.3m.
The marked growth of 11.8% in the second half of the year "partially" reflected the impact of the Omicron strain of Covid-19 in the comparative period. However, the company recorded a strong final 12 weeks of the financial year and said that the strength of its sales performance enabled it, as a business, to manage the macro-economic backdrop.
