Mitchells & Butlers hails 'exceptionally strong festive trading'

Mitchells & Butlers PLC on Thursday said it had ‘another exceptionally strong festive trading period’ as it reported increased sales in the first quarter of its financial year.

The Birmingham, England-based restaurant and pub operator said total sales climbed 3.5% in the 15 weeks to Thursday, while sales were up 4.5% on a like-for-like basis.

Over the core festive three-week period to January 3, like-for-like sales were 7.7% higher. Over the five ‘key festive days’, made up of the three-day Christmas period and two New Year’s days, like-for-like sales jumped 11%.

In the first quarter as a whole, food like-for-like sales were up 5.1% while drink sales climbed 3.8%.

Mitchells & Butlers said it continues to focus on investment in its pub estate, as it has completed 51 conversions and remodels in the year-to-date.

The firm said it remains confident that it can manage the £130 million of cost headwinds it expects to face during the financial year, driven by higher labour and food costs.

‘We are pleased to report another exceptionally strong festive trading period, marked by numerous record-breaking performances across our brand portfolio and continued market outperformance in every segment. Sales growth on key festive dates was particularly strong, with Christmas Day setting a new all-time record for the highest sales day, surpassing last year’s benchmark,’ said Chief Executive Phil Urban.

‘Our focus remains on tackling the significant cost headwinds faced by the industry this financial year through the effective execution of our Ignite programme and our successful capital investment programme, driving both cost efficiencies and increased sales.’

Shares in Mitchells & Butlers were up 1.1% at 278.00 pence on Thursday morning in London.

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