Mitchells & Butlers, the owner of pub chains such as Harvester, Toby Carvery, and All Bar One, saw “strong trading performance over the festive season”, with like-for-like sales growth of 7.7% during 15 weeks to 13 January 2024.
Food grew by 8.7%, while drink sales saw slightly more modest growth of 6.6%. Performance was driven by the return of work parties and festive gatherings.
Looking ahead, the group said: “Sales have remained strong throughout the first quarter and, notwithstanding a 9.8% increase in the National Living Wage next April, overall cost pressures are now abating.
“We remain mindful of uncertainties ahead but, based on the strong performance of the business so far this year, we now believe that the full year outturn will be towards the top end of current consensus expectations.”
NAM Implications:
- Begging the question: Did you achieve your fair share of sales & investment?
