Whitbread sales slump in Q1

Total like-for-like sales across Whitbread’s UK estate plummeted 79.8% in the first quarter of the year. In light of the nationwide lockdown, like-for-like accommodation sales were down by 79.4%, while like-for-like food and beverage sales were down by 80.5%. Total sales crashed by 79.5% in the period, a reflection of the closure of the “vast majority” of its estate. In its latest update, Whitbread confirmed that 270 sites are now operating in its UK estate, and it expects the majority of sites to reopen by the end of the month. While the group said that it was still “early days” to predict its trading going forward, it noted that there was “good demand” in regional tourist destinations. In its latest update, the group also noted that the completion of a £1bn rights issue will enable it to maintain a “competitive advantage and financial flexibility” through a strengthened balance sheet. In light of this, Whitbread said it is in the “best possible position” to take advantage of enhanced structural opportunities that it expects to become available. It added: “This will mean that we are in a position of strength to continue to invest, increase market share, and over-time create significant value for shareholders." Alison Brittain, Whitbread CEO said: “It is still very early days and therefore too early to draw any conclusions from our booking trajectory, especially as there has been volatility in hotel performance in other countries that relaxed controls before the UK. “However, in traditional regional tourist destinations, we are seeing good demand for the summer months, whilst the rest of the regions and metropolitan areas, including London, remain subdued.” She added: “The experience of successfully and safely operating hotels in a socially distanced environment provided key learnings and will enable us to deliver the highest standards to our customers as we reopen the rest of the estate. “Enhanced social distancing and hygiene standards can be delivered consistently across our entire estate and this, together with more flexible booking options, our value pricing and our superior network will ensure that our leading customer proposition is maintained.”

Whitbread sales slump in Q1

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