Mitchells & Butlers PLC Fourth Quarter Trading Update (9064N)
28 Septembre 2023 - 8:00AM
UK Regulatory
TIDMMAB
RNS Number : 9064N
Mitchells & Butlers PLC
28 September 2023
28 September 2023
Mitchells & Butlers plc
LEI no. 213800JHYNDNB1NS2W10
Fourth Quarter Trading Update
Trading statement covering the 52 weeks ended 23 September
2023.
Sales
Sales comparisons, unless otherwise stated, are to the same
period in FY 2022.
Strong trading has continued through the fourth quarter,
bringing year to date like-for-like sales growth to 9.1%, with
total sales growth now of 10.5%.
Like-for-like sales:
Wks 1-15 Wks 16-28 Wks 29-43 Wks 44-52 Wks 1-52
Q1 Q2 Q3 Q4
Food 6.4% 5.2% 11.6% 11.6% 8.6%
Drink 15.5% 9.9% 7.4% 6.4% 9.9%
Total 10.4% 6.4% 9.7% 9.7% 9.1%
Like-for-like sales in the fourth quarter increased by 9.7%
supported by sustained growth in both food and drink volumes and
reflecting an increasing out-performance against the market(a)
.
Against FY 2019, year-to-date like-for-like sales are up 10.5%,
with growth driven by spend-per-head.
Investments
We continue to focus on investment in the estate and in the year
to date we have completed 142 conversions and remodels, including
two to the newly acquired Ego brand, in addition to opening 4 new
sites.
Outlook
Cost headwinds are abating and remain at the bottom end of the
range previously identified. We remain mindful of the challenging
macroeconomic environment and pressures on the consumer however, as
trading continues to be strong, we have confidence that the current
year outturn will be at the top end of consensus expectations, with
momentum into FY 2024.
The current financial year will be a 53-week accounting year to
30 September 2023.
Phil Urban, Chief Executive, commented:
"We are delighted to have continued our strong like-for-like
sales performance through the fourth quarter, underpinned by volume
growth and reflecting increasing out-performance against the
market.
Going forward we shall remain focused on executing the drivers
of this strong performance, our Ignite programme of growth and
efficiency initiatives and our capital investment programme which,
combined with our diverse portfolio of established brands and
enviable estate locations, leaves us well positioned to continue to
outperform the sector and see improved profitability."
Definitions
a - As measured by the Coffer CGA Business Tracker
For further information, please contact:
Tim Jones - CFO +44 (0)121 498 6112
Amy de Marsac - Investor Relations +44 (0)121 498 6514
James Murgatroyd (Finsbury) +44 (0)20 7251 3801
Note for editors:
Mitchells & Butlers is a leading operator of managed
restaurants and pubs. Its portfolio of brands and formats includes
Harvester, Toby Carvery, All Bar One, Miller & Carter, Premium
Country Pubs, Sizzling Pubs, Stonehouse, Vintage Inns, Browns,
Castle, Nicholson's, O'Neill's, Ember Inns and Ego Restaurants. In
addition, it operates Innkeeper's Collection 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 .
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END
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