Whitbread posts Q1 sales jump; hails strong consumer demand in UK

22nd Jun 2023 07:38

(Sharecast News) - Premier Inn owner Whitbread posted a jump in first-quarter sales on Thursday as it said consumer demand in the UK has remained strong.

In the 13 weeks to 1 June, total revenue was up 19%, with UK revenue up 16% and a 124% increase in Germany. Like-for-like sales growth was 14% and 63%, respectively.

Total UK accommodation sales were 18% higher versus the same period a year earlier, while LFL accommodation sales were up 16%.

Whitbread said consumer demand in the UK has remained strong and Premier Inn delivered an "excellent" operational and financial performance. Whilst there was good revenue growth in both the regions and London, demand was particularly strong in London.

In Germany, meanwhile, Whitbread said the recovery in market demand continued during the first quarter.

"With strong trading momentum across the group, we remain confident in the full year outlook," the company said.

"Forward booked revenue in the UK is well ahead of last year and in Germany we remain on course and expect to reach break-even on a run-rate basis during calendar year 2024."