Here is a summary of the trading statement from Mitchells & Butlers PLC for the third quarter ending July 20, 2024
Sales PerformanceMitchells & Butlers PLC has reported strong sales growth, outperforming the market in the third quarter. Like-for-like sales growth for the year to date is 5.7%, with all brands showing growth. The current run rate for like-for-like sales growth over the most recent 13 weeks is 4.2%, excluding Easter sales in both years.
InvestmentsThe company has invested in 139 conversions and remodels, opened six new sites, and continued initiatives to reduce energy usage.
OutlookMitchells & Butlers PLC anticipates net cost headwinds of £55 million for the financial year due to labor cost increases and easing inflationary pressures. They expect to rebuild margins and are confident in delivering full-year consensus expectations.
Executive CommentaryPhil Urban, the CEO, attributed the strong trading performance to the effective execution of their Ignite program and capital investment strategy. He highlighted the companys diverse brand portfolio, value proposition, and estate locations as unique strengths that position them well for continued growth in profitability and market share.
Company OverviewMitchells & Butlers PLC is a leading operator of managed restaurants and pubs with a diverse portfolio of well-known brands. They operate in the UK and Germany, offering a range of dining and drinking experiences to their customers.