Mitchells & Butlers report 9.8% rise in Christmas trading, warns on Brexit
Source - SMW
UK pub and restaurant operator Mitchells & Butlers reported a 9.8% increase in like-for-like sales over the three-week Christmas period, but warned about the potential impact of the ongoing uncertainty around Brexit.
The company said it had achieved growth on all key dates, supported by good underlying trade and that its sales performance also strengthened over the full seven-week period with like-for-like growth of 6.9%.
"We are delighted with our performance over the festive trading season, with record trading on all key festive dates, including sales of over £12m on Christmas Day, and like-for-like sales growth of 12.3% over the core two-week period," said Chief Executive Phil Urban.
Over the 14 weeks to 5 January 2019, total sales increased by 5.1%.
"We now enter our toughest quarter and, given the success of the festive trading period, we would expect trade to be quiet at least until people get paid again. The ongoing uncertainty around Brexit will continue so we remain cautious about the outlook until the political and macroeconomic landscape becomes clearer. That said, we have made a good start to the year," Urban added.
At 8:12am: (LON:MAB) Mitchells Butlers PLC share price was +12.2p at 280.6p