Ten Entertainment Group “exceeds expectations” for September and October

Ten Entertainment Group financials exceeds expectations
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It’s ten out of ten for bowling operator Ten Entertainment which has turned its fortunes around with a remarkable recovery for FY21. Closed for 20 weeks, the operator turned an expected loss into a profit, proving that bowling, supported by its arcade offerings, is pulling in the families.

 

Ten Entertainment has reported that sales for September and October “exceeded expectations” for the period, with like-for-like sales rising more than 30 percent.

In a trading update published on 4 November, the bowling operator revealed that half-term takings “set a record for the group,” despite previous estimates of a sales decline.

“This continuing strong sales performance means that the Group now expects to make a modest profit before tax for FY21, ahead of previous expectations where a modest loss had been anticipated,” said a group statement.

“This is a significant achievement for a business that was entirely closed for the first 20 weeks of the year and is testament to the strength of our Group and the strong levels of demand for experiences and great value family entertainment.”

In its interim HY21 results, Ten Entertainment had confirmed “exceptional” like-for-like sales growth of 35.8 percent for the 17 week period up to 12 September.

Despite projecting a sales slump, the group revealed that “demand has exceeded expectations,” with venues now expecting “a successful Christmas trading period to end the year.”

“We reiterate our expectations for double-digit sales growth in FY22 compared to an FY19 baseline, with modest compression of margin as a function of ongoing inflationary cost pressures.”


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