Mitchells & Butlers PLC (LSE:MAB) shares jumped 4% as the pub chain reported ‘very’ strong trading over the Christmas period.
Sales across the festive season at the All Bar One and O’Neill’s owner rose 10.4% like-for-like during the core three-week period, with records all over the estate and the brand portfolio, said the statement.
Phil Urban, chief executive, added: “Growth was particularly strong on festive key dates supported by volume growth and with record sales on Christmas Day.
“Cold and stormy weather over recent weeks has subsequently had a material adverse impact on trading but we remain confident in the strength of underlying sales growth.”
First quarter like-for-like sales to 11 January 2025 [15 weeks] also outstripped the sector, said the FTSE 250 group, rising by 3.9% despite the poor recent weather.
Food sales over the quarter rose by 4% and drink by 3.6%.
Looking ahead, M&B said it was confident it could handle the £100 million of year-on-year cost headwinds it faces due to increased labour costs
Shares rose by 4% to 237.5p.