Greene King 'to beat tough times'

Greene King is one of the UK's largest beer and pub groups

Brewer and pub owner Greene King says it is sticking to its expectations for its current financial year, despite the slowdown in consumer spending.

In a trading update before its annual general meeting, it said like-for-like sales at its managed pubs were down 1.6% in the 16 weeks to 24 August.

Comparing the performance to the same period last year, it said like-for-like sales at its tenanted pubs fell 1.7%.

Suffolk-based Greene King has 2,500 pubs across the UK.

"Market conditions remain challenging as consumer confidence continues to weaken and consumer expenditure continues to contract," it said in a statement.

"Within this environment, Greene King is well placed to withstand many of the pressures these trends create."