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Greene King shares hit as sales slide

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Shares in Greene King have slumped 11% after the pub group reported a fall in sales over the summer and issued a downbeat outlook.Like-for-like sales fell 1.2% in the 18 weeks to 3 September, mainly due to a drop in “value food” sales.Greene King said it remained “cautious about the trading environment”.It also expected the “challenges of weaker consumer confidence, increased costs and increasing competition to persist over the near term”.The gloomy news from the pub group – a FTSE 250 member – also hit shares in rivals, with Marston’s down nearly 5%.The benchmark FTSE 100 index was down 17.90 points at 7,379.08 in early trade.On the currency markets, the pound rose 0.2% against the dollar to $1.3129 and edged up slightly against the euro to 1.0902 euros.
Source: BBC