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FoodBev Media

FoodBev Media

9 December 2008

Whitbread grows but curbs spending

Whitbread grows but curbs spending

Whitbread plc reported slow growth in November and announced plans to cut capital spending despite reporting overall revenue rise.

The owner of a series of restaurant and hotel brands, including coffee chain Costa and Premier Inn budget hotels reported that it has experienced some "softening" of growth in November, while revenue in the 39-week period increased by 6.7% at comparable outlets.

"We have been reviewing our future development plans as the macro economic situation has become increasingly challenging," Whitbread CEO Alan Parker said in a statement.

Parker added, "We believe that while this environment remains, we should take a more prudent approach to organic expansion."

Whitbread said total sales across the group have increased by 13.4%. Sales growth sluggishly increased at Premier Inn and Costa in the third quarter.

Revenue at Costa in the 39-week period increased by 2.6%, slower than the 3.7% growth in first half period.

The Luton, England-based company said it has decided to limit capital expenditure next year to £200m ($297m) compared to £300m ($443m) in 2008.

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