(Reuters) -British pub and restaurant operator Mitchells & Butlers posted a 5% rise in quarterly like-for-like sales on Friday, thanks to an early summer driving footfall to its chain outlets. Shares
Mitchells & Butlers Sees 5% Increase in Like-for-Like Sales This Summer
Mitchells & Butlers Sales Performance
(Reuters) -British pub and restaurant operator Mitchells & Butlers posted a 5% rise in quarterly like-for-like sales on Friday, thanks to an early summer driving footfall to its chain outlets.
Stock Market Reaction
Shares of the company were up 4.7% at 302 pence, making them the top gainers in the FTSE mid-cap index.
Expectations for Annual Results
The owner of the Harvester, Toby Carvery and All Bar One chains, said it expects annual results to be at the top end of market expectations, despite cost inflation arising from an increase in wages and employer contributions.
CEO's Statement on Performance
"The business continues to perform strongly, enabling us to meet the cost challenges facing the sector with confidence," CEO Phil Urban said in a statement.
Analysts expect the group to report full-year revenue of 2.7 billion pounds ($3.64 billion) and operating profit of 321.9 million pounds, according to data compiled by LSEG.
($1 = 0.7415 pounds)
(Reporting by Unnamalai L in Bengaluru; Editing by Subhranshu Sahu)
