Euro 2024 boosts British pub group Marston's sales
Adds details on Euro in paragraph 4, 7-8, adds details on debt in paragraph 14
July 24 (Reuters) -Britain's Marston's MARS.L posted a 2.4% rise in like-for-like sales for the 16 week-period on Wednesday, helped by footfall from fans that gathered at its pubs to watch the European soccer championship.
WHY IT'S IMPORTANT
Over the past few weeks, pub groups in Britain attracted more customers as fans cheered on England at the Euro 2024, helping offset the hit to demand from the unseasonably wet weather.
CONTEXT
Pub operator Fuller Smith & Turner FSTA.L said in June it had seen a rise in advance bookings for the Euro, while Young & Co Brewery said that its pubs were "nearly" fully booked but it still had the option for walk-ins.
Pub groups like J D Wetherspoon JDW.L, which would not regularly show games, were showing the Euro games.
England lost its chance to create history as the first men's team to win the Euro after the loss against Spain.
BY THE NUMBERS
While the predominately suburban Marston's posted a 2.4% rise in like-for-like sales for the 16 weeks ended on July 20, its like-for-like sales for the week of the Euro semi-finals and final matches rose by 8%.
WHAT'S NEXT
The pub group will publish their year-end trading statement on Oct. 9.
Marston's said Wednesday it aims to put financing in place in due course to better suit the new level of its leverage. This comes weeks after the pub group disposed its 40% stake in a joint venture Carlsberg Marston's Limited to Carlsberg CARLb.CO for 206 million pounds ($265.7 million) as it aims to reduce its debt.
($1 = 0.7753 pounds)
Reporting by Radhika Anilkumar in Bengaluru; Editing by Sonia Cheema and Mrigank Dhaniwala
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
