Mitchells & Butlers Posts Sales Slump
British pub group Mitchells & Butlers Plc has posted a massive sales slump and said that its outlook remains "challenging and uncertain" in the face of new curbs for British pubs and restaurants to tackle a surge in COVID-19 cases.
British prime minister Boris Johnson has ordered all pubs, bars, restaurants and other hospitality sites to close at 10 pm, with only table service allowed.
Total Sales And Like-For-Like Sales
Mitchells & Butlers said that its total sales for the 51 weeks that ended on September 19 fell by more than 35% due to a sharp slump in demand caused by coronavirus-led store closures.
The company said that the UK government's "eat out to help out" scheme and lower tax rate for certain supplies helped it to return to like-for-like sales growth of 1.4% in August, and added that it has now reopened 95% of its outlets.