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Figures from technology solutions business Fourth show that despite strong sales growth over the festive period, high operating costs mean hospitality businesses are “struggling to stay afloat” and are having to take cost-saving measures to maintain profitability.
Compared with the same period in 2022, net sales revenue in the fourth quarter of 2023 increased by 6.1%, with industry-wide sales in December being particularly strong, growing by 10.5% compared with the same period last year.
According to data from Fourth, restaurant sales increased 2.9% in November and 6.4% in December. The fourth quarter of 2023 saw an increase in weekday trading levels across the industry, with revenue rising by 4.5% from Monday to Thursday in the quarter and weekend sales rising by 1.5% on Friday and Saturday.
However, despite rising food prices, rising food prices have also brought challenges, such as a reduction in the number of employees and total working hours, Fourth said.
Sebastien Sepierre said: “The festive trading period is a crucial period for the hospitality industry and it is fantastic to see such a significant increase in sales compared to 2022. These figures will hopefully provide a boost for operations as we move into 2024. business brings a sense of cautious optimism.”, 4th managing director of Europe, the Middle East and Africa.
“However, the high cost of doing business across the industry remains a major concern for operators who want to control costs to remain profitable during this volatile economic period.”
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