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Costa Coffee helps Whitbread exceed full-year financial forecasts

14 December 2009 by
Costa Coffee helps Whitbread exceed full-year financial forecasts

Whitbread expects to exceed expectations for its full financial year after strong performance by Costa Coffee helped to drive a rise in sales for the third quarter.

There was also positive news from Premier Inn, which saw a 3.1% decline in like-for-like sales in the quarter - more than half the fall seen in the previous quarter.

Regional revenues per available room were down by 7.9%, against the wider hotel industry's drop of 11.1%.

Across the group, including Beefeater and Brewers Fayre pub restaurants, like-for-like sales were up 0.3%.

Unveiling the figures, Whitbread chief executive Alan Parker predicted that that 2009/10 financial results will exceed the top end of City predictions.

"This year's challenging market conditions are likely to continue into next year, however, Whitbread's improving performance is the result of both our action to gain market share and the trend for business and consumers to seek strong value for money brands," he said.

"The positive momentum in sales and our rigorous cost control lead us to expect that our 2009/10 results will somewhat exceed the top end of market estimates."

The company provided no further details on its discussions to take over Coffeeheaven, details of which emerged last week.


Costa Coffee boosts Whitbread's interim results >>

Whitbread vows to slash carbon emissions by 26% by 2020 >>
Whitbread and IHG unlikely to see recovery before late 2010 >>
Whitbread unveils a mixed picture in trading update >>
By Daniel Thomas

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