(Reuters) -British pub and restaurant operator Mitchells & Butlers reported a 3.1% rise in fourth quarter like-for-like sales on Thursday, helped by robust demand for food and drinks and cost
UK's Mitchells & Butlers reports 3.1% rise in quarterly like-for-like sales
Mitchells & Butlers Quarterly Performance
(Reuters) -British pub and restaurant operator Mitchells & Butlers reported a 3.1% rise in fourth quarter like-for-like sales on Thursday, helped by robust demand for food and drinks and cost efficiencies.
Sales Growth and Market Performance
The owner of brands such as Toby Carvery, Harvester and All Bar One said it has seen strong performance across mid-market pubs and pub restaurants in the year to September 20, helping offset slightly weaker sales in London and at premium venues.
Cost Inflation Expectations
UK firms are gearing up to counter weakening consumer demand amid persistent inflation and concerns over potential tax hikes in the upcoming November budget.
Analyst Revenue Projections
Mitchells said it continues to expect an overall cost inflation of around 130 million pounds ($174.9 million) next year, primarily from higher wages and national insurance contributions.
It said it remains confident of reporting full-year results in line with market expectations.
Analysts expect the pub operator to report full-year revenue of 2.73 billion pounds, according to LSEG data.
($1 = 0.7433 pounds)
(Reporting by Raechel Thankam Job in Bengaluru; Editing by Mrigank Dhaniwala)
