Mitchells & Butlers like-for-like sales were flat in the third quarter. Drinks sales accelerated to 2.6%, helped by the football World Cup. That was completely offset by a decline in food sales where demand for formats like Toby Carvery was impacted by the warm weather. The timing of the Easter weekend was another drag.
The company still expects a full-year result in line with consensus expectations, with underlying operating profits forecast to remain broadly flat at around £329mn.
The shares were down 4.0% in early trading.
Our view
HL view to follow.
Mitchells & Butlers key facts
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