Mitchells & Butlers PLC Pre-Close Trading Update (5008K)
September 22 2016 - 1:00AM
UK Regulatory
TIDMMAB
RNS Number : 5008K
Mitchells & Butlers PLC
22 September 2016
22 September 2016
Mitchells & Butlers plc
Pre-close Trading Update
Like-for-like sales increased by 1.8% in the most recent 8
weeks, representing a continuation of the improved trend both over
time and relative to the total eating-out market(1) , supported by
favourable weather in recent weeks. We continue to generate good
sales growth from our invested sites, now starting to be
underpinned by relative improvement in the performance of sites
without recent investment.
Total sales in the first 51 weeks of the financial year fell by
0.8%.
Like-for-like
sales
28 weeks 15 weeks 8 weeks 51 weeks
to to to to
10 April 23 July 17 September 17 September
2016 2016 2016 2016
---------- --------- -------------- --------------
Food (2.0%) (1.5%) 0.4% (1.4%)
Drink (1.5%) 0.2% 3.7% (0.1%)
Total (1.6%) (0.7%) 1.8% (0.8%)
Margins for the full year will be below last year, as previously
advised, particularly as a result of acceleration of investment in
the estate and wage inflation following the introduction of the
National Living Wage in the second half.
So far this financial year we have converted or remodelled 244
sites, and opened 7 new sites.
Phil Urban, Chief Executive, commented:
"We are encouraged by our improved trading performance in recent
months. Weather in recent weeks has certainly been helpful to
sales, but in addition we are starting to benefit from increased
investment activity, instilling a commercial culture and a faster
pace of execution and innovation in our business.
We enter the new financial year facing an increasing number of
cost headwinds, most notably labour. However, based on recent
progress we remain committed to our strategy going forward."
Note: (1) Coffer Peach Business Tracker
For further information, please contact:
+44 (0)121 498
Tim Jones - Finance Director 6112
+44 (0)121 498
James Cooper - Investor Relations 4525
+44 (0)20 7251
James Murgatroyd (Finsbury) 3801
Notes for editors:
- Mitchells & Butlers is a leading operator of
managed restaurants and pubs. Its strong portfolio
of brands and formats includes Harvester, Toby
Carvery, All Bar One, Miller & Carter, Premium
Country Pubs, Sizzling Pubs, Crown Carveries,
Vintage Inns, Browns, Castle, Nicholson's, O'Neill's
and Ember Inns. In addition, it operates Innkeeper's
Lodge 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 .
- Mitchells & Butlers serves around 140 million
meals and 430 million drinks each year and is
one of the largest operators within the UK's
GBP80 billion eating and drinking out market.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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