Mitchells & Butlers PLC First Quarter Trading Update (9098Z)
January 17 2024 - 2:00AM
UK Regulatory
TIDMMAB
RNS Number : 9098Z
Mitchells & Butlers PLC
17 January 2024
17 January 2024
Mitchells & Butlers plc
LEI no. 213800JHYNDNB1NS2W10
First Quarter Trading Update
Trading statement covering the 15 weeks ended 13 January
2024.
Sales
Strong trading performance over the festive season has resulted
in increased like-for-like sales growth in the year to date of
7.7%, with total sales growth of 9.7%.
Like-for-like sales:
8 weeks to 7 weeks to 15 weeks to
25 November 2023 13 January 2024 13 January 2024
Food 8.4% 9.0% 8.7%
Drink 5.9% 7.2% 6.6%
Total 7.2% 8.2% 7.7%
Following a good start to the year with like-for-like sales
growth of 7.2% over the first eight weeks, trading continued to
strengthen over the important festive season. Like-for-like sales
grew by 10.1% over the five key festive days.
Investments
We continue to focus on investment in the estate, and in the
year to date we have already completed 34 conversions and remodels
and have opened one new Alex site in Germany. We remain encouraged
by returns being generated.
Outlook
Sales have remained strong throughout the first quarter and,
notwithstanding a 9.8% increase in the National Living Wage next
April, overall cost pressures are now abating. We remain mindful of
uncertainties ahead but, based on the strong performance of the
business so far this year we now believe that the full year outturn
will be towards the top end of current consensus expectations.
Phil Urban, Chief Executive, commented:
"We are delighted by the strong trading performance over the
festive season, with very strong performances across our brands
portfolio thanks to the hard work of our teams. Growth was
particularly strong on key dates, with record sales for Christmas
day based on 229,000 meals served, supported by strong trading in
the run up to Christmas, with the return of work parties and
festive gatherings driving sales.
Our focus remains on the effective execution of our Ignite
programme of initiatives and our successful capital investment
programme, driving cost efficiencies and increased sales. With the
unique strengths of our business, including a diverse portfolio of
established brands and enviable estate locations, we are well
positioned to continue to grow profitability and market share in
the year ahead."
For further information, please contact:
Tim Jones - Chief Financial Officer +44 (0)121 498 6112
Amy de Marsac - Investor Relations +44 (0)121 498 6514
James Murgatroyd (FGS Global) +44 (0)20 7251 3801
Note for editors:
Mitchells & Butlers is a leading operator of managed
restaurants and pubs. Its portfolio of brands and formats includes
Harvester, Toby Carvery, All Bar One, Miller & Carter, Premium
Country Pubs, Sizzling Pubs, Stonehouse, Vintage Inns, Browns,
Castle, Nicholson's, O'Neill's, Ember Inns and Ego Restaurants. In
addition, it operates Innkeeper's Collection hotels in the UK and
Alex restaurants and bars in Germany. Further details are available
at www.mbplc.com and supporting photography can be downloaded at
www.mbplc.com/imagelibrary.
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END
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