REG - Mitchells & Butlers - First Quarter Trading Update

Mitchells & ButlersAnnouncement

17/01/2024 07:00

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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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