THE PARENT firm of restaurant chain Fridays has revealed a slight dip in sales so far this year as customer spending continues to come under pressure.

Hostmore told shareholders total revenues dipped one per cent over the 22 weeks to 4 June, over the same period last year. Like-for-like sales were down three per cent.

The chain saw total revenues increase two per cent over the first 16 weeks of the year.

It comes as the group continues to move forward with significant cost-cutting plans announced over the past two months.

These were designed to save the firm £5.9m.

Yesterday Hostmore told investors its earnings were already benefiting and that "further opportunities for savings are being evaluated".

Chairman Gavin Manson said: "Our focus continues to be on implementing organic growth initiatives and extending the lifetime value of our guests... [which is] expected to increase the number of annual repeat visits by our customers Yesterday was also Manson's last day on the company board, as part of a leadership overhaul which has seen Julie McEwan appointed as chief executive of the group, following Robert B Cook's departure in January.

Shares in the company closed down 0.9 per cent.

(c) 2023 City A.M., source Newspaper