Mitchells & Butlers PLC First Quarter Trading Update (0794U)

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RNS Number : 0794U

Mitchells & Butlers PLC

13 January 2017

13 January 2017

Mitchells & Butlers plc

First Quarter Trading Update

Trading statement covering the 15 weeks ended 7 January 2017.

Operating performance

Like-for-like sales growth for the year-to-date has increased to 1.7%, continuing to build on the progress reported earlier in the year. Trading over the festive period was particularly strong across all brands, with like-for-like sales growth of 4.7% for the four weeks to 7 January 2017.

Total sales have increased by 2.3% in the year-to-date.

Like-for-like trading performance since the last update is set out below.

 
 Like-for-like sales 
                           8 weeks to         7 weeks to        15 weeks to 
                         19 November 2016    7 January 2017    7 January 2017 
 
   Total                       0.5%               2.9%              1.7% 
 Food                         0.2%               2.8%              1.6% 
 Drink                        0.6%               2.9%              1.7% 
 

As previously advised, increased cost pressure is expected to lead to margins being lower than last year.

Investments

We have opened 1 new site and completed 69 conversions and remodels in the financial year to date. We expect to complete around 300 remodels and conversions in the full year.

Phil Urban, Chief Executive, commented:

"This is an encouraging performance, building on positive momentum from earlier in the year. We are starting to benefit from the many initiatives we continue to put in place, which gives us confidence in successfully delivering our strategic priorities going into the new year and a performance in line with the Board's expectations."

For further information, please contact:

 
                                      [phone] 
 Tim Jones - Finance Director          6112 
                                      [phone] 
 James Cooper - Investor Relations     4525 
                                      [phone] 
 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, 
      Stonehouse, 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 . 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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January 13, 2017 02:00 ET (07:00 GMT)