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Marston’s PLC on Tuesday backed its annual outlook, as it reported strong sales during the festive period.
The firm said like-for-like sales in the 16-week period to Saturday of last week were 13% ahead of the previous year, including the hit from Omicron back then.
The Wolverhampton, England-based pub chain said on a like-for-like basis, sales in the eight weeks to November 26 were 6.8% ahead of a year before, as previously reported. In the eight weeks after that, like-for-like sales were 19% ahead.
The company also noted like-for-like sales were 4.5% higher than in financial 2020. Meanwhile, Marston’s noted its electricity costs are hedged for the entirety of the current financial year to September and gas prices are fixed until the end of March 2025.
It left earnings guidance unchanged.
Marston’s shares rose 7.7% to 44.00 pence each in London on Tuesday morning.
‘Whilst we still have certain cost challenges to navigate in 2023, we are well-positioned to continue to progress our strategy and are encouraged by the level of consumer resilience experienced to date,’ said Chief Executive Officer Andrew Andrea.
By Tom Budszus, Alliance News reporter
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