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Hospitality group Mitchells and Butlers has reported strong Q1 results as it recorded a 7.7% like-for-like sales growth, with total sales growth of 9.7%, for the 15 weeks ended 13 January 2024.
It also stated that trading continued to strengthen over the festive season. The company’s like-for-like sales grew by 10.1% over the five key festive days.
Meanwhile, the group’s food and drinks sales increased 8.7% and 6.6% respectively.
According to Mitchells and Butlers, despite a 9.8% increase in the National Living Wage in April, its sales have “remained robust throughout the first quarter and that overall cost pressures are currently decreasing”.
Additionally, the group stated that it remains mindful of uncertainties ahead but, based on the strong performance of the business so far this year it now believes that the full year outturn will be “towards the top end of current consensus expectations”.
Phil Urban, chief executive of Mitchells and Butlers, said: “We are delighted by the strong trading performance over the festive season, with very strong performances across our brands portfolio thanks to the hard work of our teams. Growth was particularly strong on key dates, with record sales for Christmas day based on 229,000 meals served, supported by strong trading in the run up to Christmas, with the return of work parties and festive gatherings driving sales.
“Our focus remains on the effective execution of our Ignite programme of initiatives and our successful capital investment programme, driving cost efficiencies and increased sales. With the unique strengths of our business, including a diverse portfolio of established brands and enviable estate locations, we are well positioned to continue to grow profitability and market share in the year ahead.”
