Costa sets up a 'flying start' at Whitbread
Wednesday 19 June 2013
Whitbread has got off to a "flying start" in the new financial year, according to the chief executive of Britain's biggest hotel and restaurant group, Andy Harrison.
Mr Harrison said: "Total sales rose by 13.8 per cent in the first quarter with like-for-like sales up by 3.1 per cent. What that total sales growth shows is that we are substantially increasing our market share in what is basically a flat economy."
Based on like-for-like sales, Whitbread's big driver remained Costa coffee with an 8 per cent rise, followed by Premier Inns with a 2.7 per cent increase, with the restaurants – which include Beefeater Grills and Brewers Fayre – hit by bad weather in March, showing nil growth.
In London, despite it being almost a year on from the Olympics, Premier Inns revenues rose by 19.9 per cent and Mr Harrison said he wanted to grow the number of Premier Inns rooms in the capital from just over 8,000 to 20,000 by 2018. He said: "Property prices in London have been much more realistic since the financial crisis hit in 2008. Our most recent openings have included a former KPMG office block in Blackfriars and a Victorian maternity hospital in Waterloo. Premier Inns' share of the London market is still below our national average."
Costa's total sales rose 23 per cent to £281.8m with 60 new stores globally – 39 in the UK alone – taking the total to 2,587. Whitbread's shares topped the FTSE 100, rising 106p to 3,031p.
Children's bookseller wins The Independent's new author search
Board creates magnetic field to achieve lift
- 5 Paralysed man Darek Fidyka walks again after treatment by British doctors on brink of 'cure'
Jack the Ripper: Scientist who claims to have identified notorious killer has 'made serious DNA error'
Oscar de la Renta dead: Legendary US fashion designer dies after long cancer battle aged 82
Oscar Pistorius: The brutal prison life that awaits disgraced athlete
Banksy arrest hoax: Internet duped by fake online report claiming artist's identity has been revealed
Super-sized ships arrive in Britain: How big can they get?
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Residents should throw a street party and mix with immigrant neighbours, councils told
Russell Brand threatened with arrest after filming outside Fox News headquarters
London bus driver 'kicks gay couple off for kissing'
Lord Freud: Tory welfare minister apologises after saying disabled people are 'not worth’ the minimum wage
Lord Freud hangs on as MPs of all parties 'call for his head' over disability comments
iJobs Money & Business
£23000 per annum + pension and 22 days holiday: Ashdown Group: An established ...
£27000 per annum + pension, 22 days holiday: Ashdown Group: An established ind...
£23000 - £26000 Per Annum: Clearwater People Solutions Ltd: Our client is curr...
£25 - 30k: Guru Careers: A Corporate Actions Administrator / Operations Admini...