Mitchells and Butlers LFL sales jump 8.9%

Mitchells and Butlers has announced that its like-for-like sales were up 8.9% for the 43 weeks ended 22 July 2023.

The owner of brands such as Harvester and Toby Carvery revealed that its sales for Q3 were up 9.7% compared with the same period last year.

The performance was a result of an 11.6% increase in food sales and a 7.4% increase in drinks sales.

The group stated that these rises were driven by increased spending per head including a “record breaking” fathers day.

Alongside this the company has completed 116 conversions and remodels and opened 4 new sites this year.

As a result of the strong sales the group has stated that it is on course to hit the top end of its profit guideline

It also expects to hit the bottom end of its inflation cost prediction of between 10 and 12%.

Last month, Mitchells and Butlers completed the acquisition of the remaining 60% in 3Sixty Restaurants Limited, owners of Ego Restaurants.

Phil Urban, chief executive, said: “We are very pleased to report continued strong like-for-like sales growth through the quarter based on out-performance against the market, underpinned by volume growth in both food and drink. We remain focused on our Ignite programme of initiatives and our successful capital investment programme, driving cost efficiencies and increased sales.

“Combined with our diverse portfolio of established brands, value proposition and enviable estate locations, we believe this leaves us well positioned to continue to outperform the sector and deliver a strong full year performance.”