The U.K. fast-casual Mexican restaurant group reported strong 4Q like-for-like sales, which rose 16.4%, ahead of Shore's expectations of 16%, the analysts say. Furthermore, net cash of GBP56 million--excluding leases--will support continuing investment, expansion and dividend growth, the analysts say. The U.K. brokerage raises its revenue estimates for fiscal 2023 to GBP185.3 million from GBP180.4 million, and adjusted Ebitda to GBP52.8 million from GBP52 million. The group should resume its prior growth trajectory as trading conditions normalize in 2023, which could even lead to better-than-expected growth, they say. (elena.vardon@wsj.com)Contact: London NewsPlus, Dow Jones Newswires;(END) Dow Jones NewswiresJanuary 09, 2023 06:32 ET (11:32 GMT)Copyright (c) 2023 Dow Jones & Company, Inc.

Source: Wall Street Journal January 09, 2023 17:41 UTC