Mitchells & Butlers PLC (MAB.L, MLB), a leading operator of managed restaurants and pubs, announced on Thursday that its total sales for the 51-week year-to-date period rose by 5.9 percent on a reported basis and 5.2 percent on a like-for-like (LFL) basis.
For the fourth quarter to date, LFL sales saw a growth of 2.5 percent.
In its pre-close trading update for the period ending September 21, the company highlighted that sales growth continued to outpace the market throughout the fourth quarter, with all brands showing positive growth.
In the fourth quarter, Food LFL sales increased by 2 percent, and by 5.3 percent over the 51-week period. Meanwhile, Drink LFL sales rose by 3 percent in the fourth quarter and 4.9 percent over the 51 weeks.
Looking forward, Mitchells & Butlers expressed confidence in delivering full-year results at the upper end of consensus expectations, driven by strong sales performance that surpasses market trends.
The financial year spans 52 weeks, ending on September 28.
Phil Urban, Chief Executive, commented, “Sales growth has continued to normalize as inflationary cost pressures ease. Our diverse portfolio of established brands and advantageous estate locations underpin our outperformance against the market. As we enter the new financial year, we are equipped with a new wave of initiatives under our Ignite programme and a comprehensive capital investment plan designed to deliver cost efficiencies, boost sales, and further drive market out-performance and profitability.”
