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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Whitbread Plc | LSE:WTB | London | Ordinary Share | GB00B1KJJ408 | ORD 76 122/153P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
15.00 | 0.50% | 3,043.00 | 3,039.00 | 3,042.00 | 3,060.00 | 3,021.00 | 3,046.00 | 799,215 | 16:35:23 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Hotels And Motels | 2.64B | 278.8M | 1.4465 | 21.03 | 5.86B |
TIDMWTB
RNS Number : 3450Y
Whitbread PLC
08 September 2015
8 September 2015
WHITBREAD TRADING STATEMENT
Good second quarter trading with total sales up 11.1%,
on track for full year expectations
Whitbread PLC today reports its trading performance for the 24 weeks to 13 August 2015.
Sales update (% change vs. prior year)
Sales for the 11 weeks Sales for the 24 weeks to 13 August 2015 to 13 August 2015 Like for like Total sales Like for like Total sales sales*(1) sales*(1) -------------- ------------ -------------- ------------ Premier Inn 4.3% 11.6% 5.3% 12.9% -------------- ------------ -------------- ------------ Restaurants 0.6% 2.0% 0.3% 1.7% ------------------------ -------------- ------------ -------------- ------------ Hotels and Restaurants 3.2% 8.6% 3.7% 9.2% ------------------------ -------------- ------------ -------------- ------------ Costa 4.0% 16.2% 4.6% 16.7% -------------- ------------ -------------- ------------ Total 3.3% 11.1% 3.9% 11.8% -------------- ------------ -------------- ------------
Andy Harrison, Chief Executive of Whitbread comments:
"We are continuing to deliver our ambitious organic growth plans with another good quarter, growing total sales by 11.1% and like for like sales by 3.3% for the 11 weeks to 13 August.
Premier Inn grew total sales by 11.6% with rooms available growing by 7.9%, total revpar growing by 3.9% and occupancy remaining high at 87.0%. We are particularly pleased with our London performance where we grew total sales by 21.1%, driven by a 20.3% growth in rooms available, a 1.5% increase in total revpar, as well as an increase in our occupancy by 0.3% pts to 92.2%. In the regions we delivered good total sales growth of 9.2%, growing rooms available by 6.2% and total revpar by 3.3% with good occupancy of 86.2%. This was against strong comparatives which benefitted from the Commonwealth Games and the Farnborough Airshow last year. Our Restaurants business outperformed a continuing soft pub restaurant market, with like for like sales growth of 0.6%. Costa maintained its rapid growth with worldwide sales growing by 16.2% and UK Retail system sales up 14.8%. In the UK like for like sales growth was good at 4.0%, against a strong performance last year. August is often affected by weather and holiday patterns and trading this August, across all our brands, was softer than expected against strong comparatives from an excellent month last year.
We are developing plans to adopt the recently announced National Living Wage. We shall mitigate this substantial cost increase over time with a combination of productivity improvements, boosted by investment in systems and training, efficiency savings and some selective price increases. We shall announce more details of our plans with our Interim Results on 20 October 2015.
Our first half performance keeps us on track to deliver full year expectations, as well as our ambitious growth milestones. This year we plan to open around 5,500 UK rooms, around 220 net new Costa stores worldwide and to install 700-800 new Costa Express machines. Our committed UK hotel pipeline has grown to 14,106 rooms."
Trading highlights for the 24 weeks:
Hotels and Restaurants
-- Premier Inn has continued to win UK market share, growing total sales(*2) for the 24 weeks by 12.9%, like for like sales by 5.3%, total revpar by 4.9% and total room nights sold by 8.0% to 8.3 million. Total occupancy remained high at 83.5%, in line with last year, together with an 8.1% growth in the number of rooms available.
-- In the quarter Premier Inn grew total sales by 11.6% and total revpar by 3.9%. Like for like sales growth of 4.3% was ahead of the like for like revpar growth of 3.2%, benefitting from our accelerated hotel extension programme.
-- In London we grew total sales by 21.1% in the quarter, with a 20.3% increase in rooms available, total revpar growth of 1.5% and total occupancy up 0.3% pts to 92.2%. Total London market(*3) revpar grew by 1.9% and the Midscale and Economy(*3) sector grew total revpar by 3.7%.
-- In the regions we grew total sales by 9.2% in the quarter, with a 3.3% increase in total revpar, a 6.2% increase in rooms available with total occupancy similar to last year at 86.2%. Total regional market revpar grew by 5.3% and the Midscale and Economy(*3) sector grew total revpar by 6.4%.
-- Restaurants delivered total sales growth of 1.7% and like for like sales growth of 0.3% for the 24 weeks, ahead of a soft pub restaurant market outside the M25.
-- 800 UK rooms were opened in the year to date and we also opened our first international management contract hotel in Sharjah UAE, with 168 rooms. For the full year, we plan to open around 5,500 UK rooms including c.1,300 extensions.
Costa
-- Costa grew its worldwide total sales by 16.7% and like for like UK sales by 4.6% for the 24 weeks.
-- Costa grew worldwide system sales by 15.1% to GBP693.7 million (15.1% at constant currency). Within this franchise system sales grew by 12.2% to GBP265.7 million.
-- UK Retail system sales, year to date, grew by 15.7% to GBP376.5 million with equity stores growing like for like sales by 4.6%. We opened 61 net new UK stores.
-- Costa Enterprises (including Costa Express UK & International) delivered system sales of GBP175.0 million, up 15.5%. Costa Express maintained its success with the installation of a further 379 Costa Express machines*(5) taking the total to 4,671.
-- International system sales grew by 13.6% to GBP144.1 million (13.6% at constant currency). 11 net new stores were opened in the period with two in EMEI and nine in Asia.
-- In the year Costa plans to open around 220 net new stores. This includes the closure of around 60 lower margin UK franchise stores in petrol stations following their disposal by Esso. We also plan to install around 700-800 net Costa Express machines in the year.
Group
-- The strong financial position of the Group remains unchanged.
Notes:
Site detail 26 February Opened Closed Transfers 13 August 2015 2015 Premier Inn UK(*4) 59,138 800 59,938 ------------ ------- ------- ---------- ---------- Premier Inn International 1,703 168 1,871 ------------ ------- ------- ---------- ---------- Total Premier Inn (rooms) 60,841 968 61,809 ------------ ------- ------- ---------- ---------- Restaurants (sites) 405 2 (2) 405 ------------ ------- ------- ---------- ---------- Costa Retail Equity 1,114 55 (21) 1,148 ------------ ------- ------- ---------- ---------- Franchise 461 38 (1) 498 ------------ ------- ------- ---------- ---------- Costa Enterprises 356 12 (22) 346 ------------ ------- ------- ---------- ---------- Total Costa UK Stores (Retail + Enterprises) 1,931 105 (44) 1,992 ------------ ------- ------- ---------- ---------- Costa EMEI 785 34 (32) 787 ------------ ------- ------- ---------- ---------- Costa Asia 364 22 (13) 373 ------------ ------- ------- ---------- ---------- Total Costa (stores) 3,080 161 (89) 3,152 ------------ ------- ------- ---------- ---------- Costa Express Machines*(5) 4,292 379 4,671 ------------ ------- ------- ---------- ---------- Total Equity 1,242 59 (25) 9 1,285 ------------ ------- ------- ---------- ---------- Total JV 344 18 (11) 351 ------------ ------- ------- ---------- ---------- Total Franchise 1,494 84 (53) (9) 1,516 ------------ ------- ------- ---------- ----------
(*) (1) Like for like sales which are stated Pre IFRIC 13 adjustment are for Premier Inn - UK and Ireland and for Costa UK equity stores and Restaurants - UK. Post IFRIC 13 for the 24 weeks to 13 August 2015 Premier Inn like for like and total sales would be the same; Restaurants like for like sales would be 0.3% pts lower and growth in total sales 0.3% pts lower; Costa like for like sales would be 0.2% pts lower, growth in total sales 0.1% pts higher and growth in total system sales 0.1% pts higher.
(MORE TO FOLLOW) Dow Jones Newswires
September 08, 2015 02:01 ET (06:01 GMT)
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