Mitchells & Butlers LFL Sales Rise In Q4, FY23; Sees New Year Outturn At Top End Of Consensus View

(RTTNews) - Mitchells & Butlers PLC (MAB.L, MLB), an operator of managed restaurants and pubs, reported Thursday that its like-for-like or LFL sales increased 9.7 percent in the fourth quarter and 9.1 percent in fiscal 2023. Total sales growth for the full year was 10.5 percent.

In its trading statement, the company said the results were supported by sustained growth in both food and drink volumes and reflecting an increasing out-performance against the market.

In the fourth quarter, food LFL sales climbed 11.6 percent and drink sales went up 6.4 percent.

For fiscal 2023, food LFL sales grew 8.6 percent and drink sales went up 9.9 percent.

Looking ahead, the company said, "Cost headwinds are abating and remain at the bottom end of the range previously identified. We remain mindful of the challenging macroeconomic environment and pressures on the consumer however, as trading continues to be strong, we have confidence that the current year outturn will be at the top end of consensus expectations, with momentum into FY 2024."