Toby Carvery owner says sales to hit ‘top end’ of guidance amid hot weather
Mitchells & Butlers, which also runs Harvester and Miller & Carter venues, said like-for-like sales grew by 5% over the quarter to July 19.
Pub and bar giant Mitchells & Butlers has said sunny weather helped bring in more customers in recent months.
The Toby Carvery and All Bar One owner said its sales are set to hit the “top end” of industry expectations as a result.
Phil Urban, chief executive of the group, said it is performing “strongly” despite increased cost pressures after the recent rises in national insurance contributions and the national minimum wage.
M&B, which also runs Harvester and Miller & Carter venues, said like-for-like sales grew by 5% over the quarter to July 19, as momentum accelerated further.
The company highlighted that “sales growth has remained well ahead of the market through the third quarter, benefiting from Easter and recent sunny weather”.
It added that food sales increased by 4.9%, while drink sales increased by 4.8% for the quarter.
Bosses said they were encouraged by the performance “despite well-publicised cost inflation challenges facing the sector”.
As a result, M&B said it is confident this will lead to annual results “at the top end of consensus expectations”.
The hospitality group said it has converted and remodelled 150 venues so far this year and opened two new sites.
Mr Urban said: “The business continues to perform strongly, enabling us to meet the cost challenges facing the sector with confidence.
“We will remain focused on our Ignite programme of initiatives and our successful capital investment programme, driving cost efficiencies and increasing sales.
“With the unique strengths of our business, including a diverse portfolio of established brands, value proposition and enviable estate locations, we believe we are positioned to continue to grow profitability and market share.”
Shares in the business were, however, 0.5% lower in early trading.