Whitbread PLC
28 February 2008
Whitbread PLC - Interim Management Statement
28 February 2008
Whitbread PLC today reports its performance for the 50 weeks ended 14 February
2008.
Sales for 50 weeks to 14 February 2008.
%age change vs. prior year
Like for like sales Total sales
Premier Inn 10.5% 15.1%
Restaurants 0.8% 2.1%
Costa 6.3% 25.0%
*Continuing Whitbread 5.7% 11.3%
*Continuing Whitbread at week 39 5.8% 11.0%
Alan Parker, Chief Executive, Whitbread PLC comments:
These results show that trading in our businesses has been resilient and we
continue to perform well. Premier Inn has held its like for like occupancy at
79.2% and grown total sales by 15.1%. Room expansion continues to be ahead of
plan and we are on track to deliver over 3,400 rooms this year compared to 2,500
last year. Restaurants have seen a positive like for like sales trend and the
actions we have taken are continuing to improve the operating margin. Costa
store openings have accelerated and have driven the strong sales growth.
Following the substantial reshaping of Whitbread we have undertaken an
organisational review to ensure that we have the most efficient operating
structure for the management and growth of our businesses. As a result of this
review we have decided, with immediate effect, to combine the divisional
management for hotels and restaurants as we focus on the joint sites model. We
have also taken the decision to outsource our logistics operation and
negotiations with an identified supplier are underway. It is expected that the
continued simplification of our businesses will take some 12 months to implement
and will result in savings of £25m per annum in 2009/10 at an exceptional cost
of £35m to be charged in 2007/8 and 2008/9.
We have continued to increase the leverage of the business and as at close of
business on 27 February we had purchased 22.3 million shares representing 11.3%
of our share capital at a cost of £340.2 million.
We will announce our preliminary results for the 52 weeks ended 28 February 2008
on 28 April 2008 and the full year outcome is anticipated to be in line with our
expectations.
*Continuing Whitbread
Continuing Whitbread comprises Premier Inn, the retained Restaurant estate and
Costa but excludes David Lloyd Leisure, the disposed restaurant sites, TGI
Friday's and any supply chain sales to third parties.
- Ends -
Conference call for analysts and investors
Alan Parker and Christopher Rogers will be hosting a conference call for
analysts and investors at 8.00am today. To participate, dial 0845 634 0041.
A recording of the conference call will be available for seven days. To listen,
dial 020 7806 1970 and enter the passcode 2423788. This service will be active
approximately one hour after the conference call has finished.
For more information please contact:
Investor Relations:
Christopher Rogers, Whitbread PLC +44 (0) 20 7806 5491
Press Contacts:
David Allchurch, Tulchan +44 (0) 20 7353 4200
Notes to editors
Post the divisional organisational review, Patrick Demspey, Premier Inn Managing
Director, has been appointed to the new position of Managing Director of the
combined hotels and restaurants division. Patrick joined Whitbread in September
2004 as Managing Director of Whitbread Hotel Company, with responsibility for
the Marriott hotel brand. Prior to joining Whitbread, he was Managing Director
of Forte Hotels UK and CEO of Restaurant Associates, part of the Compass Group.
In 2005, Patrick became Managing Director of Premier Inn, now the UK's biggest
and fastest growing hotel group, and he has been a key figure in delivering its
strong recent growth.
This information is provided by RNS
The company news service from the London Stock Exchange
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