Whitbread PLC
02 September 2002
Whitbread pre-close season trading statement
* 24 weeks to August 17, 2002
Whitbread PLC today announced a strong trading performance for the first 24
weeks of its financial year.
David Thomas, Chief Executive, said: 'Total sales for the continuing businesses
were ahead by 3.8% and, more importantly, earnings growth was considerably ahead
as our measures to improve efficiency delivered the intended results.'
Major brands
Like-for-like sales growth vs prior year
Marriott -1.9%
Travel Inn 6.5%
Brewers Fayre 3.1%
Beefeater 1.5%
David Lloyd Leisure 6.3%
* 22 weeks for David Lloyd Leisure
'For Travel Inn to grow like-for-like sales by 6.5% when the estate is almost
full on week nights was a remarkable performance' said Mr Thomas. 'The key to
value creation for this brand is increased distribution and we have added a
further 531 rooms during the period to bring the total to 16,455.
'Marriott has done well to mitigate the full effect of market conditions by a
mix of vigorous sales activity and effective cost control measures. Year to
date occupancy is in line with last year and in recent weeks like-for-like sales
have returned to positive territory. It is encouraging that the yield in the
converted Swallow Hotels has continued to move ahead as planned.
'David Lloyd Leisure's 6.3% like-for-like growth demonstrates the continuing
consumer appetite for premium health and fitness clubs. We are shortening the
time it takes for new clubs to generate mature levels of return. The Epsom club
opened last month with over 2,500 adult members. This is more than double the
historic model. Four new clubs, including two acquisitions, have been added so
far this year taking the total to 53.
'Brewers Fayre and Brewsters continue to perform well but I am not satisfied
with the level of sales currently being achieved by Beefeater. Six new Brewsters
opened bringing the total to 140. Profit conversion continues to improve
markedly in high street restaurants despite sales being affected by the slower
London market.
'The revenue and earnings growth so far this year has been achieved in difficult
market conditions and I am not expecting that situation to change in the second
half. I am confident, however, that our organic growth strategy and the
measures we have taken to improve the performance of our businesses will
continue to deliver positive earnings growth.'
-ends-
Further information please contact:
City:
David Reed 020 7806 5436
Dan Waugh 020 7806 5442
Media:
Jeremy Probert 020 7806 5443
This information is provided by RNS
The company news service from the London Stock Exchange
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