28th Feb 2008 07:01
Whitbread PLC28 February 2008 Whitbread PLC - Interim Management Statement 28 February 2008 Whitbread PLC today reports its performance for the 50 weeks ended 14 February2008. Sales for 50 weeks to 14 February 2008. %age change vs. prior year Like for like sales Total salesPremier 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 wecontinue to perform well. Premier Inn has held its like for like occupancy at79.2% and grown total sales by 15.1%. Room expansion continues to be ahead ofplan and we are on track to deliver over 3,400 rooms this year compared to 2,500last year. Restaurants have seen a positive like for like sales trend and theactions we have taken are continuing to improve the operating margin. Costastore openings have accelerated and have driven the strong sales growth. Following the substantial reshaping of Whitbread we have undertaken anorganisational review to ensure that we have the most efficient operatingstructure for the management and growth of our businesses. As a result of thisreview we have decided, with immediate effect, to combine the divisionalmanagement for hotels and restaurants as we focus on the joint sites model. Wehave also taken the decision to outsource our logistics operation andnegotiations with an identified supplier are underway. It is expected that thecontinued simplification of our businesses will take some 12 months to implementand will result in savings of £25m per annum in 2009/10 at an exceptional costof £35m to be charged in 2007/8 and 2008/9. We have continued to increase the leverage of the business and as at close ofbusiness 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 2008on 28 April 2008 and the full year outcome is anticipated to be in line with ourexpectations. *Continuing Whitbread Continuing Whitbread comprises Premier Inn, the retained Restaurant estate andCosta but excludes David Lloyd Leisure, the disposed restaurant sites, TGIFriday'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 foranalysts 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 activeapproximately 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 ManagingDirector, has been appointed to the new position of Managing Director of thecombined hotels and restaurants division. Patrick joined Whitbread in September2004 as Managing Director of Whitbread Hotel Company, with responsibility forthe Marriott hotel brand. Prior to joining Whitbread, he was Managing Directorof 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 biggestand fastest growing hotel group, and he has been a key figure in delivering itsstrong recent growth. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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