Whitbread Sales Rise as Demand Increases for Premier Inn Hotels
Whitbread Plc (WTB), said third-quarter sales rose on increasing demand at its Premier Inn hotels and Costa coffee shops.
Like-for-like sales climbed 4.3 percent in the 13 weeks through Nov. 28, while total sales rose 13.8 percent, the Dunstable, England-based company said in a statement today.
“Premier Inn has continued to win market share,” the company said in the statement.
Demand for U.K. hotels is rising as Britain’s economic recovery accelerates. Revenue per available room will climb 2.4 percent in London and 1.8 percent in Britain’s regions in 2014, according to a forecast by PricewaterhouseCoopers LLP.
Like-for-like revenue at Premier Inn gained 5.4 percent in the period, compared with a median estimate of 4 percent by 10 analysts surveyed by Bloomberg. Sales at Costa rose 4.9 percent, slightly above an estimate of 4.8 percent. Premier Inn’s revpar, an industry measure of occupancy and rates increased by 6.5 percent.
Whitbread plans to increase Premier Inn’s number of U.K. rooms to about 75,000 by 2018 from 53,914 at the end of November. It also plans to double Costa’s global sales.
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