(Sharecast News) - Premier Inn owner Whitbread posted a jump in third-quarter sales on Thursday as it highlighted a strong performance in the UK and further progress in Germany.
In the 13 weeks to 1 December, total sales rose 22.9% from the same period a year earlier, with sales in the UK and Germany up 19.2% and 158%, respectively.
In the UK, accommodation sales pushed up 23.8%, driven by a combination of increased occupancy, higher average room rate and estate growth, with a strong performance across both London and the regions. Meanwhile, food and drink sales were ahead 8.4%.
In Germany, accommodation sales rose 172.8%, while food and beverage sales were 91.1% higher.
Chief executive Alison Brittain said: "Premier Inn UK delivered another excellent quarter with a strong performance, both in absolute terms and also relative to the broader midscale and economy sector.
"These revenue trends have continued into the fourth quarter, with good occupancy and high average room rates sustaining strong RevPAR growth and UK food and beverage sales remain well ahead of last year."
Brittain said Premier Inn Germany had another "robust" quarter, led by the company's cohort of more established hotels that are performing particularly well.
She said: "Despite a more challenging period for the UK economy, our winning business model continues to deliver outstanding value and quality for our guests. The strength of our forward booked position, robust pricing, estate growth and efficiency programme all underpin our confidence in the outlook for FY24."
Whitbread (WTB)
