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Pub operators resist downturn
Three UK pub operators have reported continued sales growth over the Christmas and New Year period despite the economic downturn affecting consumer confidence.
Mitchells and Butlers (M&B) revealed ahead of its annual general meeting last week that it had recorded a 1 per cent increase in like-for-like sales for the 17 weeks to 24 January, which it attributed to its focus on value-for-money. Food sales at M&B pubs increased by 2.6 per cent, while drinks sales were up by 1.2 per cent. M&B chair, Drummond Hall, said: "Despite the challenges from weakening consumer demand and the cost pressures, the quality of our well invested estate, the value and volume sales strategy, further cost efficiencies and the opportunities for accelerated market share gains are set to support a resilient trading performance amid recessionary economic conditions."
Meanwhile, Fuller, Smith and Turner announced a 4.5 per cent rise in the 10 weeks to 24 January, increasing its like-for-like sales growth to 2.7 per cent for the current financial year to date. Fuller's chair, Michael Turner, said: "This is a clear validation of our strategy of offering high quality products in the best pubs and our conservative financial management has put us in a position to strengthen the business during this economic downturn."
JD Wetherspoon also reported an increase in like-for-like sales, with figures up by 2.6 per cent for the first 12 weeks of the second quarter to 18 January. However, the company has warned that it expects its operating margins for the half-year ending 25 January to be around 1 per cent lower than last year.
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