Whitbread : FY earnings below expectations. Very cautious on 2020
>Full year results below expectations - FY sales came in at £ 2.05bn (Oddo £ 2.12bn, consensus £ 2.08bn). Like-for-like growth was around -0.8% for the full year, on our calculations (-0.6% accommodation and -2.0% F&B), reflecting particularly weak momentum in Q4 (as expected). Weak Premier Inn RevPar trends in Q4 (-1.7% in FY 2019 vs. -1.1% in Q3 YTD) given difficult market conditions in the provinces impacted by lower consumer and business confidence, along with a s...Whitbread is a hospitality company. Co. serves its customers in the U.K. and beyond through its two businesses: Premier Inn and Restaurants; and Costa. Premier Inn is a hotel business, with over 760 hotels and more than 68,000 rooms as of Mar 2 2017. Co.'s hotel are located alongside its own restaurant brands. Co. also have hotels in the Middle East, and Germany, with more hotels in the pipeline. Costa is the coffee shop, with over 2,200 coffee shops in the U.K., over 1,300 stores in 29 international markets and over 6,800 Costa Express self-serve units as of Mar 2 2017.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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