Wagamama sales boosted in Q3

Wagamama has announced that like-for-like sales rose by 7.4% in the third quarter ended 27 September 2020, attributed to the government’s Eat Out to Help Out scheme in August. 

UK revenue fell by 20.8% to £70.3m in the quarter, however, amid a phased reopening of its restaurants for eat in dining from early July, though adjusted EBITDA increased to £18.1m in the period, up from £16.7m the prior year. 

Despite the impact of the pandemic on trading, the group said it continued to “proactively” manage costs during the quarter, including the negotiation of a number of rent deals which have “positively impacted” its EBITDA position. 

Nonetheless, in the year-to-date, UK revenue fell by 37% to £158m, with a “strong” performance in the first quarter offset by site closures and government restrictions. 

CEO Emma Woods said: “We are encouraged by the strong performance of the business in Q3, both for eat in and delivery. 

“This was the last point we were able to trade in any sense normally and provides real confidence that the business can return to market leading performance when restrictions are again lifted.”

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