Euro 2024 boosts British pub group Marston's sales
24/07/2024 08:28
(Adds details on Euro in paragraph 4, 7-8, adds details on debt
in paragraph 14)
July 24 (Reuters) - Britain's Marston's MARS.L posted
a 2.4% rise in like-for-like sales for the 16 week-period on
Wednesday, helped by footfall from fans that gathered at its
pubs to watch the European soccer championship.
WHY IT'S IMPORTANT
Over the past few weeks, pub groups in Britain attracted
more customers as fans cheered on England at the Euro 2024,
helping offset the hit to demand from the unseasonably wet
weather.
CONTEXT
Pub operator Fuller Smith & Turner FSTA.L said in June it
had seen a rise in advance bookings for the Euro, while Young &
Co Brewery said that its pubs were "nearly" fully booked but it
still had the option for walk-ins.
Pub groups like J D Wetherspoon JDW.L , which would not
regularly show games, were showing the Euro games.
England lost its chance to create history as the first men's
team to win the Euro after the loss against Spain.
BY THE NUMBERS
While the predominately suburban Marston's posted a 2.4%
rise in like-for-like sales for the 16 weeks ended on July 20,
its like-for-like sales for the week of the Euro semi-finals and
final matches rose by 8%.
WHAT'S NEXT
The pub group will publish their year-end trading statement
on Oct. 9.
Marston's said Wednesday it aims to put financing in place
in due course to better suit the new level of its leverage. This
comes weeks after the pub group disposed its 40% stake in a
joint venture Carlsberg Marston's Limited to Carlsberg
CARLb.CO for 206 million pounds ($265.7 million) as it aims to
reduce its debt.
($1 = 0.7753 pounds)
(Reporting by Radhika Anilkumar in Bengaluru; Editing by Sonia
Cheema and Mrigank Dhaniwala)
((Radhika.Anilkumar@thomsonreuters.com;))