(Alliance News) - Pub operator Marston's PLC on Tuesday said customer demand is "encouraging" despite a cost of living crisis.
In the financial year ended October 1, like-for-like sales were down 1% from pre-virus level three years earlier
"This reflects the impact of trading restrictions in December and January as a result of Omicron and the corresponding impact on consumer sentiment in the first half," Wolverhampton, West Midlands-based company said.
"Like-for-like sales were encouraging and continued to improve in the 10 weeks from July 24 to October 1: being 3% up vs financial year 2019 and 4% up on last year. Growth continues to be predominantly driven by drink sales. Food sales in this period were weaker, principally due to the hot weather."
The company said electricity costs in the final 10 weeks of the financial year were higher than expected, though it affirmed its gas price is fixed until March 2025. Further, it said inflationary pressures on food and drinks costs remained in line with previous guidance.
Marston's shares rose 3.7% to 37.22 pence each in London on Tuesday morning.
By Tom Budszus; tombudszus@alliancenews.com
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Marstons (MARS)