Strong trading performance for M&B
Restaurants and pubs group Mitchells & Butlers enjoyed strong trading in the third quarter of its financial year.
Like-for-like sales in the 43 weeks to July 22 are up by 8.9 per cent, with total sales growth now of 10.5 per cent. For the quarter it was 9.7 per cent.
Food sales have risen 7.9 per cent and drink by 10.7 per cent for the year so far.
The Birmingham-headquartered group, which includes Mill & Carter, Harvester and All Bar One, had a record-breaking Father's Day in June and sales performance across the quarter was relatively consistent outside of weeks impacted by industrial action on national transport systems.
Against the pre-pandemic year of 2019, year-to-date like-for-like sales are up 10 per cent.
Mitchells & Butlers is continuing to focus on investment in the estate and in the year to date has completed 116 conversions and remodels and opened four new sites.
In June it completed the acquisition of the remaining 60 per cent in 3Sixty Restaurants, owners of Ego Restaurants. Ego is a collection of Mediterranean inspired pubs and restaurants where guests can enjoy freshly cooked food, cocktails, cask ales and wine from across the Continent. It currently has 26 sites, including 16 that are leased from Mitchells & Butlers.
Chief executive Phil Urban said: "We are very pleased to report continued strong like-for-like sales growth through the quarter based on out-performance against the market a and underpinned by volume growth in both food and drink.
"We remain focused on our Ignite programme of initiatives and our successful capital investment programme, driving cost efficiencies and increased sales."
