Credit: Shutterstock photo(RTTNews.com) - British restaurant company Whitbread plc (WTB.L) reported Thursday that its third-quarter total sales growth was 2.4 percent. Total UK sales growth was 2.5 percent, partly offset by 3.5 percent drop in Germany.
Total UK like-for-like sales edged down 0.6 percent.
The company noted that sale of Costa to Coca-Cola Co. for 3.9 billion pounds was completed on January 3, ahead of schedule.
Accommodation total sales grew 3.5 percent in the quarter, while like-for-like sales fell 0.2 percent. Food & beverage sales edged up 0.5 percent on a reported basis, but dropped 1.5 percent on a like-for-like basis.
Looking ahead, the company said it expects to deliver fiscal 2019 results in-line with expectations.
The company said it remains cautious on UK environment next year citing uncertainty and higher inflation.
Further, for fiscal 2020, underlying profit before tax is expected to be consistent with this year, as the firm continues to invest in UK & international growth.
Whitbread also said it is commencing an initial share buyback program, which seeks to repurchase up to 500 million pounds worth of shares and will conclude prior to Whitbread's full-year results announcement on 30 April 2019.
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