Pub chain Mitchells & Butlers sales slump after ‘lost Christmas’ 

Pub chain Mitchells & Butlers sales slump as hospitality industry bosses bemoan a ‘lost Christmas’

Pub chain Mitchells & Butlers saw sales slump over the festive period as industry bosses bemoaned a ‘lost Christmas’.

The firm said sales in the four weeks to January 8 were 10.2 per cent lower than in the same period in 2019, pre-pandemic.

It meant sales in the first quarter of the financial year – the 15 weeks to January 8 – were down 1.5 per cent. 

Omicron effect: Pub chain Mitchells & Butlers said sales in the four weeks to January 8 were 10.2% lower than in the same period of 2019 before the pandemic struck

But chief executive Phil Urban was upbeat: ‘We are encouraged by the data on the Omicron variant which we believe will boost consumers’ confidence to return to pubs and restaurants,’ he said. 

Shares rose 1 per cent, or 2.4p, to 260p.

The figures from M&B, which runs around 1,700 pubs under brands such as Harvester, All Bar One and Toby Carvery, came as data laid bare the Christmas chaos caused by Covid. 

Around 3 per cent of the workforce, or 1m people, were off work due to Covid at the end of December, while 21 per cent of businesses reported increased cancellations.

Source link

Share

What do you think?

Comments

Leave a Reply

JD Sports tumbles 6.5% after boss Peter Cowgill sells £21m in shares 

Diana’s divorce battle law firm Mishcon de Reya mulls £750m listing