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Whitbread sales fall by 55%
StockMarketWire.com
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Whitbread said Covid-19 restrictions have caused UK accommodation sales to fall 55.2%, with occupancy at 49.3%, in the 13 weeks to 26 November.
Group sales were down 55.6% in the third quarter and by 70.2% in the year-to-date.
UK sales were down 66.4% for the five weeks to 31 December 2020, with occupancy at 31.1%.
The company said that since the updated restrictions announced on 4 January 2021, around two-thirds of its hotels remain open while all its restaurants are closed.
Chief executive Alison Brittain said: We expect the current travel restrictions in the UK and Germany to remain until at the very least the end of our financial year. With the vaccination programme underway, we look forward to the potential gradual relaxation of restrictions from the spring, business and leisure confidence returning, and our market recovering over the rest of the year.
We continue to protect our liquidity through the careful management of our cash position, and to take actions to ensure that we exit the crisis as a leaner, stronger and more resilient business. Our strong balance sheet also provides the opportunity to take full advantage of the enhanced structural opportunities that we are already seeing in the market.
At 8:04am: (LON:WTB) Whitbread PLC share price was 0p at 2781p
Story provided by StockMarketWire.com
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