{"id":25868,"date":"2023-06-22T05:40:57","date_gmt":"2023-06-22T09:40:57","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/whitbread-announces-outstanding-trading-at-premier-inn-as-group-sales-rise-19\/"},"modified":"2023-06-22T05:40:59","modified_gmt":"2023-06-22T09:40:59","slug":"whitbread-announces-outstanding-trading-at-premier-inn-as-group-sales-rise-19","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=25868","title":{"rendered":"Whitbread Announces \u201cOutstanding\u201d Trading At Premier Inn As Group Sales Rise 19%"},"content":{"rendered":"
\n

Soaring demand for cheap hotel rooms drove sales at Whitbread in the last quarter, the leisure chain announced today.<\/p>\n

At \u00a333.50 per share the FTSE 100 company was trading 1.2% higher on the day.<\/p>\n

Whitbread \u2014 which owns the Premier Inn hotel chain and Brewers Fayre pub portfolio \u2014 announced that group accommodation sales were up 23% during the 13 weeks to 1 June. Food and beverage turnover meanwhile increased 12%.<\/p>\n

As a result, total sales rose 19% year on year or 15% on a like-for-like basis.<\/p>\n

Premier Inn Shines<\/h2>\n

In the UK, Whitbread described trading at Premier Inn as \u201coutstanding\u201d during the last quarter. Accommodation sales rose 18% during the period and on a like-for-like basis were up 16% year on year.<\/p>\n

<\/fbs-ad><\/p>\n

Trading was driven by \u201cstrong demand from both business and leisure guests across the Regions and London,\u201d the company said. Revenues per available room (RevPAR) increased 16% year on year, and 40% from the same period in 2020.<\/p>\n

Whitbread added 348 new rooms across the UK and Ireland during the period, it said, and remains on course to add a total of between 1,500 and 2,000 rooms during the current financial year.<\/p>\n

Food and beverage sales in the UK improved 10% in the last quarter. But Whitbread said that \u201ctrading at the value end of the pub restaurant market remains challenging.\u201d<\/p>\n

The business also said that market conditions in Germany continued to improve in the quarter. Accommodation sales here rose 129% in the period, while like-for-like revenues improved 66%. RevPAR rose 45% year on year.<\/p>\n

Whitbread currently operates 56 hotels in Germany and has another 32 in the pipeline. It is set to open between 1,000 and 1,500 rooms this year.<\/p>\n

\u201cImpressive Revenue Growth\u201d<\/h2>\n

Chief executive Dominic Paul said that \u201cin the UK, our market leading brand and value-led customer proposition is continuing to deliver impressive revenue growth and a healthy RevPAR premium versus the wider [midscale and economy] market.\u201d<\/p>\n

He added that \u201cthe structural reduction in hotel supply, coupled with strong consumer demand, is highlighting the strengths of our differentiated business model, as evidenced by our continued strong performance.\u201d<\/p>\n

Whitbread described forward booked revenue in the UK as \u201cwell ahead of last year.\u201d It also said that it remains \u201con course\u201d in Germany to break even on a run-rate basis during the 2024 calendar year.<\/p>\n

The FTSE firm said that \u201cthe strength of our overall performance and forward booked position has increased our confidence in being able to deliver a strong first half result.\u201d<\/p>\n

\u201cOn A Roll\u201d<\/h2>\n

Mark Crouch, analyst at social investing network eToro, said that \u201cWhitbread is on a roll and continues to perform strongly among the midscale and economy hotel segment\u2026 The pandemic devastated the travel industry, but it has recovered now.\u201d<\/p>\n

He noted that \u201cdue to the cost-of-living crisis, it\u2019s clear that travelers and holidaymakers are seeking out good quality but also good value, something which is key to Whitbread\u2019s business model. It\u2019s that focus that will allow the firm to continue to outperform its rivals.\u201d<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Soaring demand for cheap hotel rooms drove sales at Whitbread in the last quarter, the leisure chain announced today. At \u00a333.50 per share the FTSE 100 company was trading 1.2% higher on the day. Whitbread \u2014 which owns the Premier Inn hotel chain and Brewers Fayre pub portfolio \u2014 announced that group accommodation sales were […]<\/p>\n","protected":false},"author":1,"featured_media":25869,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-25868","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"\nWhitbread Announces \u201cOutstanding\u201d Trading At Premier Inn As Group Sales Rise 19% | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Soaring demand for cheap hotel rooms drove sales at Whitbread in the last quarter, the leisure chain announced today. 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