Marston's reports solid holiday sales growth

(Sharecast News) - Pub operator Marston's said in an update on Tuesday that total retail sales in both its managed and franchised pubs rose 8.8% year-on-year in the 16 weeks to 20 January. The London-listed company, which was holding its annual general meeting, attributed the growth to robust sales in both the beverage and food categories.

Like-for-like sales for the period showed an increase of 8.1%, with the positive trend sustained throughout the festive season, as like-for-like sales in the nine weeks ended 2 December showed an increase of 7.4%.

That momentum continued into the following seven weeks, with like-for-like sales soaring to 8.4%.

Marston's said it enjoyed particularly strong sales on the key festive days, including Christmas Eve, Christmas Day, Boxing Day and New Year's Eve, where like-for-like sales jumped 9.6% on the year.

"I am pleased to report a strong trading performance with like-for-likes up 8.4% over the festive period," said chief executive officer Justin Platt.

"It has been an encouraging start to the year.

"This, together with an improving outlook in which inflationary headwinds are broadly abating, and the actions we are taking to operate more efficiently and rebuild margins, position Marston's well for the year ahead."

Reporting by Josh White for Sharecast.com.