The Coffer Peach data for the key 6 week Christmas trading period was released this morning. Sector like for likes were up 2.5%. Both Pubs and Restaurants saw a good LFL trading performance with restaurants +2.3% and pubs +2.7%. Within this wet led pubs slightly outperformed food led. Total sales growth for the cohort was +5.4%. The tracker added a new data point for bars which saw strong growth of 3.9%. The director of Coffer Corp leisure noted that “there is a post election sense of optimism”.
Overall, this is a solid outcome for the pubs & restaurants sector given Christmas trading was good last year (+4.1%). It should also provide some relief after a difficult October and November for the sector, albeit sales growth continues to lag cost inflation. As always it will be interesting to examine the winners and losers within this. Mitchells & Butlers reported +3.5% growth over broadly the same period so are outperforming, but City Pubco Christmas trading was only marginally ahead. Marston’s, JD Wetherspoon and Restaurant Group all report before the end of January. Within the Pubs & Restaurants Mitchells & Butlers remains our top pick.
Precis
UK Pubs & Restaurants - Coffer Peach data points to solid Christmas trading period
The Coffer Peach data for the key 6 week Christmas trading period was released this morning. Sector like for likes were up 2.5%. Both Pubs and Restaurants saw a good LFL trading performance with restaurants +2.3% and pubs +2.7%. Within this wet led pubs slightly outperformed food led. Total sales growth for the cohort was +5.4%. The tracker added a new data point for bars which saw strong growth of 3.9%. The director of Coffer Corp leisure noted that “there is a post election sense of optimism”
