Costa spearheads ‘outstanding’ Whitbread trading
Whitbread has reported an ‘improving performance’ across its hotel, pub and restaurant brands, with Costa delivering ‘outstanding’ trading results.
In its interim trading statement for the 39 weeks to 26 November 2009, Whitbread has seen Q3 total sales rise by 6.7 per cent, with like for like sales up 0.3 per cent. Total sales across the group’s entire estate rose by 4.7 per cent, while like for like sales fell 1.7 per cent.
Alan Parker, chief executive of Whitbread, said he expected the group’s final results for 2009/10 to exceed market estimates.
“Whitbread Hotels and Restaurants have again outperformed the market in some of the toughest trading conditions for years and Costa's sales are outstanding,” he said. “This year's challenging market conditions are likely to continue into next year, however, Whitbread's improving performance is the result of both our action to gain market share and the trend for business and consumers to seek strong value for money brands.”
Costa, which has opened 154 UK stores so far this year, delivered the strongest results of the group in Q3 with like for like sales almost double that of the first half of 2009.
Whitbread’s budget hotel brand Premier Inn has seen the decline in like for like sales halve in the last three months, as revPAR for hotels in the regions fell by 7.9 per cent, against a market average of 11.1 per cent.
The group’s pub restaurants, which include Brewer’s Fayre, Table Table, Taybarns and Beefeater, have seen total year to date sales rise by 6 per cent, as a result of overall covers increasing by 6.2 per cent for the same period.
Whitbread also announced plans to use a ‘limited amount of property’ to fund further expansion via the sale and leaseback transaction of five properties to initially test the market.
