LONDON (dpa-AFX) - Mitchells & Butlers PLC (MAB.L, MLB), an operator of managed restaurants and pubs, reported Thursday that its total sales in the 51-week year to date period increased 5.9 percent on a reported basis, and grew 5.2 percent on a like-for-like or LFL basis.
In the fourth-quarter to date, LFL sales grew 2.5 percent.
In its pre-close trading update for the period covering the 51 weeks ended September 21, the company noted that sales growth has remained ahead of the market through the fourth quarter, with all brands in growth.
Food LFL sales grew 2 percent in the fourth quarter and 5.3 percent in the 51 weeks. Drink LFL sales were up 3 percent in the fourth quarter and 4.9 percent in the 51 weeks.
Looking ahead, Mitchells & Butlers said it remains confident in the delivery of a full year result at the upper end of consensus expectations, coupled with a robust sales performance, ahead of the market.
The financial year is a 52-week accounting year ending September 28.
Phil Urban, Chief Executive, said, 'Sales growth has continued to normalise as inflationary cost pressures ease whilst our diverse portfolio of established brands and advantaged estate locations underpin our outperformance against the market. We enter the new financial year armed with a fresh wave of initiatives under our Ignite programme and a full capital investment programme planned to deliver cost efficiencies, increased sales and to further drive market out-performance and increasing profitability.'
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