M&B sales up 1.1% in Q3
Pub firm Mitchells & Butlers said on Friday that it's like for like sales were up 1.1 per cent in its third quarter ended 19 July. The company said that it had made significant market share gains in the period.
M&B to replace chairman in MayFood sales at the group were up 5.1 per cent whilst sales in drink dropped by 0.2 per cent during the third quarter.
The company said that productivity gains and cost management had helped it to offset higher input costs. The firm said it had strong cash inflows including £82 million from disposals in the year to date.
Mitchells & Butlers said it expected earnings for the year before exceptional items to be in line with its expectations.
In a statement the company said, "Market conditions are expected to remain challenging amidst weakening consumer spending. Therefore our focus remains on continuing to generate profitable market share gains from the value and volume sales strategy, the strength of the brand portfolio and the quality of the estate.
"We expect that higher food and energy prices will intensify the cost pressures next year, although, as these prices are very volatile, the precise outlook is still unclear. Earnings for this year, before exceptional items, are anticipated to be in line with the Board's expectations and we remain confident in our continued competitive out-performance."
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