Mitchells & Butlers reports strong third quarter performance
Pub and restaurant business Mitchells & Butlers has reported a strong performance in its third quarter trading update covering the 43 weeks ending 22 July.
The company reports like-for-like total sales growth of 2% and total sales have increased by 3.1% in the year-to-date, however increased cost pressure is expected to lead to margins being lower than last year.
It describes trading since the half year point as "strong", with like-for-like sales growth of 2.6% over the 10-week period continuing both the momentum reported at the half year and outperforming the market.
Phil Urban, chief executive, said: "Sales performance since the half year has been encouraging, with strengthening like-for-likes helped by the sunny weather and continued outperformance to the market. The cost headwinds we face remain challenging. However, we are working hard to mitigate these where we can and we are confident that continued focus on the three strategic priority areas we have identified will help us to deliver a performance for the full year in line with the board's expectations and will generate long term sustainable shareholder value."
The company has opened 13 new sites and completed 224 conversions and remodels in the financial year to date.
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