Shares in Whitbread (WTB) were up after the company reported 3.2 per cent group sales growth in its first quarter, driven by new Premier Inn hotels and Costa Coffee shops. Premier Inn opened 664 rooms in the period, boosting sales by 4.3 per cent, but revenue was flat on a like-for-like basis. Management said new capacity has a short-term impact on comparable sales, but should drive long-term growth. UK sales growth at Costa was up 5.2 per cent thanks to new stores and Express machines, while comparable revenue fell 2 per cent due to lower footfall on high streets.
IC TIP:
Buy
at
4600p