Mitchells & Butlers PLC (MAB.L,MLB), an operator of managed restaurants and pubs, reported Thursday that its first-quarter total sales grew 3.5 percent from the prior year, and like-for-like or LFL sales went up 4.5 percent, well ahead of the market.
The company noted that across the festive season, like-for-like sales grew 7.7 percent over the core three-week period from December 14 to January 3, supported by volume growth. Over the five key festive days, such as Christmas Eve, Christmas Day, Boxing Day, New Year's Eve, and New Year's Day, combined LFL sales growth was 10.5 percent.
In its trading statement covering the 15 weeks ended January 10, the company noted that food LFL sales grew 5.1 percent and drink LFL sales increased 3.8 percent.
Looking ahead, Mitchells & Butlers said it remains confident to manage the around 130 million pounds of year-on-year cost headwinds which it expects to face this financial year, driven primarily by increased labour costs and food cost inflation. Phil Urban, Chief Executive, stated, "Sales growth on key festive dates was particularly strong, with Christmas Day setting a new all-time record for the highest sales day, surpassing last year's benchmark. Our focus remains on tackling the significant cost headwinds faced by the industry this financial year..... We remain well positioned to further grow market share in the year ahead by leveraging the strength of our diverse portfolio of established brands and enviable estate locations."
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