TIDMWTB
RNS Number : 2347Q
Whitbread PLC
16 June 2015
16 June 2015
WHITBREAD TRADING STATEMENT
Good first quarter trading with total sales up 12.5%
Whitbread PLC today reports its trading performance for the 13
weeks to 28 May 2015.
Sales update (% change vs. prior year)
Sales for the 13 weeks to 28 May 2015
------------------------ ------------------------------------------
Like for like sales(*1) Total sales(*2)
------------------------ ------------------------ ----------------
Premier Inn 6.3% 14.3%
------------------------ ------------------------ ----------------
Restaurants 0.1% 1.6%
------------------------ ------------------------ ----------------
Hotels and Restaurants 4.1% 9.9%
------------------------ ------------------------ ----------------
Costa 5.0% 17.2%
------------------------ ------------------------ ----------------
Total 4.3% 12.5%
------------------------ ------------------------ ----------------
Whitbread Chairman, Richard Baker said,
"I am pleased to confirm that Alison Brittain will now be
joining Whitbread as Chief Executive Designate on 28 September.
Alison will start as Chief Executive on 7 December enabling a
smooth transition with Andy Harrison who will be retiring from the
Company on that date."
Chief Executive, Andy Harrison, said,
"Whitbread has begun the new financial year well, in line with
expectations, with total sales growth for the first quarter of
12.5% and good like for like sales growth of 4.3%, driven by
continued momentum in Premier Inn and Costa.
Premier Inn grew its total sales(*2) by 14.3%, with a powerful
combination of strong like for like sales growth of 6.3% and an
8.2% increase in rooms available. Total revpar grew by 6.1% and
occupancy remained high at 80.6%. In London we saw pleasing sales
growth of 21.6% driven by a 23.2% increase in rooms available,
whilst maintaining high occupancy at 86.2%. In the regions we
delivered another good performance growing total sales by 12.3%,
with occupancy of 79.7%. Our Restaurants business grew like for
like sales by 0.1%, slightly ahead of a soft pub restaurant market
outside the M25. Costa had another excellent quarter with total
sales growth of 17.2% and UK Retail like for like sales growth of
5.0% driven by winning more customers with like for like
transaction growth of 4.4%. Costa's international business
continues to grow rapidly with a 15.1% growth in system sales
(14.1% at constant currency).
Our leading brands continue to win market share as we invest in
our people, our customer experience and our infrastructure. We are
on track to deliver our ambitious growth milestones. This year we
plan to open around 5,500 new Premier Inn UK rooms(*4) and around
250 net new Costa stores worldwide. Our committed UK pipeline has
grown to 13,339 rooms and construction is underway on 42 new hotel
sites as well as 19 hotel extensions."
Trading highlights for the 13 weeks:
Hotels and Restaurants
-- Premier Inn has continued to win UK market share growing
total sales(*2) for the 13 weeks by 14.3%, like for like sales by
6.3%, total revpar by 6.1% and total room nights sold by 8.1% to
4.3 million. Total occupancy at 80.6% was down (0.1%) pt and the
number of rooms available increased by 8.2%.
-- In London Premier Inn grew total sales by 21.6%, with a 23.2%
increase in rooms available and total occupancy up 0.1% pt at
86.2%. Total revpar was down (1.0%) compared to a decline in the
total market(*3) revpar of (1.7%). The Midscale and Economy(*3)
London competitive set grew total revpar by 3.1%.
-- In the regions the market continued to recover and Premier
Inn grew total sales by 12.3% and total revpar by 6.4% with a 6.2%
increase in rooms available. Occupancy was down (0.3%) pts at
79.7%. For the regional hotel market(*3) total revpar grew 6.9% and
was up 9.7% for the Midscale and Economy(*3) sector.
-- Restaurants delivered total sales growth of 1.6% and like for
like sales growth of 0.1% in the first quarter, slightly ahead of a
soft pub restaurant market outside the M25.
-- 333 UK rooms were opened in the quarter and, for the full
year, we plan to open around 5,500 UK rooms.
Costa
-- Costa had a good start to the year, growing total system
sales by 15.9% to GBP375.2 million, (15.7% at constant currency).
Within this, franchise system sales grew by 13.5% to GBP143.6
million.
-- UK Retail continued its strong momentum with equity stores
delivering like for like sales growth of 5.0% driven by transaction
growth of 4.4%. We opened 37 net new UK stores in the quarter.
-- Costa Enterprises continued its success with the installation
of a further 171 Costa Express machines taking the total to
4,463.
-- International system sales grew by 15.1% to GBP80.6 million
(14.1% at constant currency). Eight net new stores were opened in
the period with five in EMEI and three in Asia. In May we acquired
the Costa franchise business in Singapore, where we now have nine
equity stores.
-- Costa plans to open around 250 net new stores and 700-800 net
Costa Express machines in the full year.
Group
-- The Group strengthened its funding position by issuing a
GBP450 million 3.375% bond due in 2025. This, together with our
existing facilities and strong operating cash flow, will support
the delivery of our 2020 milestones and reinforces the strong
financial position of the Group. As announced at our Annual Results
on 28 April our capital investment for this year is expected to be
around GBP700 million.
Notes:
Site detail 26 February Opened Closed Transfers 28 May 2015
2015
--------------------------------- ------------ ------- ------- ---------- ------------
Premier Inn UK(*4) 59,138 333 59,471
--------------------------------- ------------ ------- ------- ---------- ------------
Premier Inn International 1,703 1,703
--------------------------------- ------------ ------- ------- ---------- ------------
Total Premier Inn
(rooms) 60,841 333 61,174
--------------------------------- ------------ ------- ------- ---------- ------------
Restaurants (sites) 405 2 (1) 406
--------------------------------- ------------ ------- ------- ---------- ------------
Costa Retail Equity 1,114 21 (7) 1,128
--------------------------------- ------------ ------- ------- ---------- ------------
Franchise 461 17 478
--------------------------------- ------------ ------- ------- ---------- ------------
Costa Enterprises 356 7 (1) 362
--------------------------------- ------------ ------- ------- ---------- ------------
Total Costa UK Stores
(Retail + Enterprises) 1,931 45 (8) 1,968
--------------------------------- ------------ ------- ------- ---------- ------------
Costa EMEI 785 17 (12) 790
--------------------------------- ------------ ------- ------- ---------- ------------
Costa Asia 364 9 (6) 367
--------------------------------- ------------ ------- ------- ---------- ------------
Total Costa (stores) 3,080 71 (26) 3,125
--------------------------------- ------------ ------- ------- ---------- ------------
Costa Express Machines*(5) 4,292 171 4,463
--------------------------------- ------------ ------- ------- ---------- ------------
Total Equity 1,242 21 (9) 9 1,263
--------------------------------- ------------ ------- ------- ---------- ------------
Total JV 344 8 (5) 347
--------------------------------- ------------ ------- ------- ---------- ------------
Total Franchise 1,494 42 (12) (9) 1,515
--------------------------------- ------------ ------- ------- ---------- ------------
(*) (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 13 weeks
to 28 May 2015 Premier Inn like for like and total sales would be
the same; Restaurants like for like sales would be 0.2% pts lower
and growth in total sales 0.2% pts lower; Costa like for like sales
would be 0.1% pts lower, growth in total sales 0.1% pts higher and
growth in total system sales the same.
(*2) Premier Inn total sales include UK and International, all
other Premier Inn numbers included in this statement relate to UK
and Ireland only.
(*3) Hotel market performance data collected by STR Global.
(*4) Includes hub by Premier Inn.
(*5) Costa Express machines installed means net machine
installations.
Conference call for analysts and investors
Andy Harrison and Nicholas Cadbury will be available for a
conference call at 8.00am today. To participate, dial 08006945707
and enter Conference ID: 57370539
For international participants dial +44 (0) 1452 541003
A recording of the conference call will be available until 30
June 2015. To listen, dial 08717000145 and enter the passcode
57370539. International +44 (0) 1452 550000.
This service will be active approximately two hours after the
conference call has finished.
Please dial into the call ten minutes before to ensure you don't
miss the start.
For more information please contact:
Investor Relations
Nicholas Cadbury, Whitbread PLC +44 (0) 20 7806 5491
Joanne Russell, Whitbread PLC +44 (0) 1582 888633
Press Contacts
Anna Glover, Whitbread PLC +44 (0) 7768 917 651
David Allchurch, Tulchan +44 (0) 20 7353 4200
For photographs and video please visit our media library on
www.whitbreadimages.co.uk
Notes to Editors
Whitbread PLCis the owner of the UK's favourite hotel chain,
Premier Inn and the UK's favourite coffee shop, Costa, as well as
restaurant brands, Beefeater, Brewers Fayre, Table Table and
Taybarns.
Whitbread PLC employs 45,000 people in over 2,700* outlets
across the UK, with its well-loved brands making every day
experiences special for over 25 million UK customers every
month.
Whitbread has outlined growth milestones for 2016, 2018 and
2020. The 2020 milestones are to increase the number of Premier Inn
UK rooms to around 85,000 and to achieve global system sales of
around GBP2.5bn for Costa.
At Whitbread we are committed to being a force for good in the
communities in which we operate. Our CR programme, 'Good Together'
is focused on the three pillars of Team & Communities, Customer
Wellbeing and Energy & Environment.
In the year ended 26 February 2015, Whitbread PLC reported a
13.7% increase in Group Revenue to GBP2,608.1 million and
Underlying Profit before tax of GBP488.1 million up 18.5%.
Whitbread PLC is listed on the London Stock Exchange and is a
constituent of the FTSE 100. It is also a member of the FTSE4Good
Index.
*excludes Costa Franchise stores and Costa Express
This information is provided by RNS
The company news service from the London Stock Exchange
END
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