DUNSTABLE (dpa-AFX) - Hotel and restaurant business Whitbread plc (WTB.L) reported Thursday that its first-quarter total group sales declined 4 percent from last year, and the drop was 1 percent on a like-for-like or LFL basis.
In its trading update for the 13 weeks to May 29, the company noted that total UK sales dropped 5 percent on a reported basis and 3 percent on LFL basis. However, sales in Germany climbed 16 percent on a reported basis and 13 percent on LFL basis, led by the increasing maturity of its estate and commercial initiatives.
Accommodation sales were flat, while FLF sales dropped 2 percent. Food & beverage sales in the quarter fell 14 percent on a reported basis, but the decline was 1 percent on LFL basis.
Dominic Paul, Whitbread Chief Executive, said, 'We continue to execute our strategic priorities at pace and are making excellent progress with our Accelerating Growth Plan and network expansion in both the UK and Germany. We also remain on course to deliver £60m of cost efficiencies and meet our target of £250m - £300m of property disposal proceeds this year. Our Five-Year Plan is on track and will deliver a step change in profits, margins and returns over the next few years.'
The company said its Five-Year Plan is on track to deliver incremental profit of at least 300 million pounds by fiscal 2030, releasing more than 2 billion pounds for shareholders through a combination of share buy-backs and dividends.
In Germany, the company remains on course to deliver profitability in fiscal 2026.
Whitbread is scheduled to release interim results on October 16.
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