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Mitchells & Butlers Says Headwinds From Omicron Dented Q1 Sales

Mitchells & Butlers Plc (WG.L) a British operator of pubs, bars, and restaurants across the UK, said in a trading update on Thursday that it recorded a decline in sales for the first quarter following the new Covid-19 variant, Omicron related headwinds.

The Birmingham-headquartered firm recorded a decline in sales by 1.5 percent for the 15-week period ended on January 8, compared with the same period of the fiscal 2019.

On segmental basis, food segment of the company recorded a growth of 5.2 percent, whereas drinks segment posted a decline of 9.1 percent, compared with the same 15-week period of 2019.

Phil Urban, Chief Executive, commented: "Experience shows that as restrictions ease, and confidence returns, our business is able to swiftly recover. To that end, whilst we expect activity to continue to be adversely impacted in the short term, we are encouraged by the latest data on the Omicron variant which we believe will boost consumers' confidence to return to pubs and restaurants allowing us to regain the momentum which was beginning to build, supported by the benefits from our new set of Ignite initiatives."

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