UK pub group Marstons expects to hit margin targets ahead of schedule

July 21 (Reuters) - British pub operator Marston's said on Tuesday it expects to meet its medium-term core profit margin target ahead of schedule, thanks to growing footfall at its improved sports-screening focused pubs and other enhancements to drive profits.  

Here are some more details:

• The company, which owns over 1,300 pubs across Britain, said like-for-like sales for England match days during the soccer World Cup rose 22%, while sales across its sports pubs brand Grandstand, nearly tripled from a year earlier.

• "Our pubs have delivered a strong start to the summer ... Our new Grandstand pubs have been leading the way and continue to perform ahead of expectations," said CEO Justin Platt.

• In October 2024, Marston's had set a near- to medium-term target to expand annual EBITDA margins by 200 to 300 basis points, which it now expects to meet in the current fiscal year.

• For the 42 weeks to July 18, like-for-like sales slipped 1.6% from last year, as broader market uncertainty weighed on demand and offset the boost from peak occasions.

• Still, the company kept its annual outlook unchanged

• Separately, smaller rival Fuller, Smith & Turner reported an over 5% rise in like-for-like sales for the 16 weeks to July 18, helped by favourable weather and the World Cup.

($1 = £0.7437)

(Reporting by Prerna Bedi and Neeshita Beura in Bengaluru; Editing by Nivedita Bhattacharjee)