23rd Sep 2021 08:47
(Alliance News) -Â Pub chain Mitchells & Butlers PLC on Thursday said it has seen like-for-like sales exceed pre-pandemic levels in recent weeks, driven by food-led brands.
Total sales in the 51 weeks to September 18 are at 45% of pre-virus levels Mitchells & Butlers said, noting that this includes 18 weeks of enforced closure due to lockdowns.
After the UK's winter lockdown, the pubs were allowed to reopen on April 12 for outdoor trade only, and then in mid-May indoor service at restaurants and pubs was allowed to resume. Mitchells & Butlers operates brands including All Bar One, Toby Carvery and O'Neill's pubs.
"Over this period, sales have been volatile but have generally strengthened overall, particularly since the easing of restrictions on 'Freedom Day' in England on 19 July," Mitchells & Butlers said.
In the 18 weeks since full indoor trading reopening in May, like-for-like sales have been 97% of pre-Covid levels - and in the most recent eight weeks even topped 2019 levels. Trading is stronger in suburban and food-led brands, it said, particularly at the "more premium end" of the market.
"We are encouraged by the improvement in sales performance following the easing of restrictions. However, we are still seeing volatility and a contrast between sales performance at food-led and wet-led brands, highlighting the continuing uncertainty," said Chief Executive Phil Urban.
"Our diverse estate, balanced across a wide range of offers, puts us in a strong position coming out of the pandemic. We are looking forward to the new financial year, with a renewed focus on our capital plan and generating both sales and efficiencies through our Ignite improvement programme."
Shares in Mitchells & Butlers were up 1.8% at 267.40 pence in London early Thursday.
By Lucy Heming;Â [email protected]
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