Mitchells & Butlers PLC on Wednesday posted a strong performance in the first quarter, driven by record sales performances over the festive season.
Mitchells & Butlers is a restaurants and pubs operator based in Birmingham, England. It owns All Bar One, Miller & Carter and O’Neils.
Mitchells & Butlers said that like-for-like sales increased by 3.9% in the 15 weeks ended January 11.
Like-for-like sales increased by 10.4% over the three-week core festive season during the period.
The firm said these results were ‘well ahead’ of market expectations, despite the impact of January’s cold snap.
Looking ahead, Mitchells & Butlers said it expects to deliver continued profit growth and market outperformance.
The firm added that it remains ‘confident’ in its ability to tackle the £100 million year-on-year cost headwinds, driven by increased labour costs.
Chief Executive Phil Urban said: ‘We are delighted to have delivered another very strong festive trading period, with some excellent performances across our brand portfolio.’
He continued: ‘We continue to leverage the strength of our diverse portfolio of established brands and enviable estate locations and believe we are well positioned to further grow profitability and market share in the year ahead.’
Mitchells & Butlers shares were up 4.9% at 239.17 pence each in London on Wednesday morning.
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