Loungers PLC (LON:LGRS) shares jumped on Wednesday as that bar owner said it is “encouraged” by the initial strength of its trading after reopening almost all of its estate.
In a trading update, the company said like-for-like sales from July 4, when its reopening programme began, to August 2 were down 1.7%, however it said it “remained confident” that it will emerge strongly going forward.
READ: Loungers accelerates reopening programme following positive response
Loungers also said it hopes to be in a position to issue “fuller guidance” in late September when it releases its full year results.
In a note on Wednesday, house broker Peel Hunt reiterated their ‘buy’ rating and 200p price target on Loungers, saying “visibility on a complete recovery is close” and they viewed the firm as “an opportunity to pick a long-term winner at a bargain price”.
The company’s shares were 18.1% higher at 127p in early deals.