Loungers shares increase 21% after strong post-lockdown performance

05 August, 2020

British bar and casual dining group Loungers has seen its share price increase 21% this morning after it revealed strong trading figures since reopening post-lockdown.

Loungers reopened 164 of its 165 venues on July 4, with the exception of Cosy Club in Leicester. In the subsequent four weeks, like-for-like sales were down just 1.7% compared to the same period in 2019.

That is an exceptional performance, considering many of its competitors have reported sharp, double-digit declines since reopening this summer.

The City reacted positively to the news. Loungers (LON: LGRS) opened at 114.22 this morning and increased 21% to 130.00 by 10.30am.

“Whilst these are still early days, we are encouraged by the initial strength of our trading performance to date and remain confident the Company will emerge strongly from this period,” said Loungers in a trading update this morning.

The firm operates Lounges and Cosy Club venues across the UK. Cosy Club in Leicester was the only bar that did not open, due to a local lockdown in the city.

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