Mitchells & Butlers (M&B) has this morning reported a 1.6% increase in like-for-like sales in its third quarter, including a 2% rise in performance in the most recent nine weeks.
Total like-for-like sales for the 42 weeks to 20 July stood at 0.7% driven by 1.0% rise in food sales and a 0.1% increase in drink sales.
The impact of the better weather in the 14 weeks to 20 July, led to food sales climbing only 0.2%, while drink sales grew 2.7%.
It said that total sales growth in the first 42 weeks of its year was up 2.4%, with operating margins remaining “slightly above last year”.
The company said that there had been no material change to its financial position since its half year results, with net debt broadly unchanged at £1.8bn.
It has opened 11 new sites and converted 5 sites so far this financial year.
Alistair Darby, chief executive, said: “While the cash in people’s pockets remains tight, consumers continue to demand great service and excellent value when they eat and drink out. In this context, we are pleased with the progress that we are making through our business transformation programme to empower and develop our people, modernise our practices and delight our guests.
By focusing on the most attractive consumer spaces and building on our fundamental strengths of an excellent estate and strong brands, we are positioning the business for future sustainable growth. We remain on target to deliver a full year result in line with the Board’s expectations.”
