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Analysts have slashed 2017 earnings forecast for Restaurant Group (RTN) by an astonishing amount as turnaround efforts by the Frankie & Benny’s and Garfunkel’s operator have yet
to make a positive impact.
Investec’s pre-tax profit forecast is cut from £75.6m to £54.9m, equal to a 27% downgrade.
Restaurant Group last summer announced plans to revise its menus; make operational changes; and improve its technology systems.
The latest trading update (25 Jan) revealed like-for-like sales fell 5.9% in the last three months of 2016. The shares fell 18% over the course of the week.
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