Jan 26, 2017
Whitbread hit by slowdown in London hotels market
Whitbread has reported that sales at Costa Coffee stores have returned to stronger growth but a slowdown in the London hotels market appears to have hit the company's Premier Inn chain. In a third-quarter trading update on Thursday, Whitbread said like-for-like sales at its Costa stores increased 4.3 per cent in the 13 weeks to December 1 2016, compared with the same period a year earlier. Overall, Whitbread said it remains on track to deliver "Full-year results in line with expectations", with analysts' estimates suggesting pre-tax profits to be around £555m. At Premier Inn, like-for-like sales grew 1.8 per cent and total sales grew 9.2 per cent in the third quarter. Total revenue per available room, the hotel industry's preferred metric, fell by 1 per cent. The company also reported that total revpar at London hotels fell 6.5 per cent.
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