M&B weathers adverse conditions and reports strong festive trading
Mitchells & Butlers has reported strong festive trading despite business being affected by adverse weather.
In its first quarter trading update, covering the 14 weeks ended 6 January 2018, the pub and restaurant business reported strong trading through the core three-week festive season, with like-for-like sales growth of 3.9%. Christmas Day was a record taking day, with like-for-like sales growth of 5.4%.
Over the last seven weeks sales performance has been encouraging, despite adverse weather, particularly in the run-up to the festive season.
Chief executive Phil Urban said this indicates "the attractiveness of our offers in a competitive market".
It reports the additional week in the previous financial year impacts comparison of sales performance; adjusting for this to align calendar dates, like-for-like sales growth was 1.6% over the previous seven weeks and 2.2% in the year to date.
On an unadjusted basis, like-for-like sales growth in the year to date was 1.1% and total sales have increased by 0.5%, impacted by the disposals in the prior year.
Mitchells & Butlers, which operates brands including Miller & Carter steakhouses, All Bar One, Harvester and Toby Carvery, aims to complete around 270 remodels and conversions in the full year.
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