Mitchells & Butlers PLC First Quarter Trading Update (0794U)
13 January 2017 - 6:00PM
UK Regulatory
TIDMMAB
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:
+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,
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
END
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