Pub Operator Mitchells & Butlers' Holiday Sales Rise 9.8%, Warns On Brexit
British pub operator Mitchells & Butlers Plc has reported a 9.8% rise in comparable sales for the three-week holiday season, but warned about the ongoing uncertainty surrounding Britain's looming exit from the European Union.
The company, which operates more than 1,800 pubs, bars and restaurants and owns brands such as All Bar One, Harvester and Toby Carvery, said it remains cautious about outlook until the political and macroeconomic landscape becomes clearer.
Entering The "Toughest Quarter"
"We now enter our toughest quarter and, given the success of the festive trading period, we would expect trade to be quiet at least until people get paid again," Mitchells & Butlers CEO Phil Urban said.
Pub operators in Britain have battled rising costs from a minimum wage increase, higher property prices, a Brexit-spurred slide in sterling and a move away from pub drinking by younger Britons.
The company, however, said it saw record business on all important festive dates, including sales of over £12 million on Christmas Day.
Total sales rose 5.1% over the 14-week period, the company said.