UPDATE 2-Enterprise Inns profit hit by snow

* Snow to wipe up to 2 mln pounds off Q1 operating profit

* Average net income per pub down 1 pct

* Investing over 1 mln pounds/month to help tenants

* Targets sale of 400-500 pubs this year

* Shares down 1.5 pct

(Adds CEO, analyst comment, shares)

By Matt Scuffham

LONDON, Jan 20 (Reuters) - Enterprise Inns (ETI.L), Britain's biggest pubs group, said snow kept drinkers at home in December wiping up to 2 million pounds ($3.2 million) off its first-quarter profit.

Enterprise Inns, which has around 6,800 pubs across Britain, said a cold snap of snow and ice leading up to Christmas caused difficulties for many of its publicans.

Chief executive Ted Tuppen said customers had cancelled parties over the festive period and drinkers left earlier to tackle treacherous journeys home, hitting trade.

That was partially offset by an upturn in trade in some rural areas where snowed-in customers who could not get to work were able to make the shorter trip to their local instead.

"It very much depended on the type of pub, where it was, and how bad the weather was. If people were trapped in their villages they would walk to the pub for a pint rather than doing nothing at all. But there were a lot of cancellations."

Net income at pubs where tenants are on long-term contracts with Enterprise Inns, which represent around 90 percent of the estate, fell 2 percent, on average, in the 16 weeks to Jan. 15.

Tuppen said trading had picked since the thaw and he remained confident average net income per pub would improve during the rest of the year.

The company is investing over 1 million pounds ($1.6 million) each month on rent concessions and product discounts for publicans struggling with the downturn.

Britain's pubs have battled with a torrid trading environment over the past two years as a smoking ban, recession, above-inflation increases in beer duties and cheap alcohol offers in supermarkets led to record closures across the industry.

Enterprise Inns, whose pubs are rented and managed by publicans, has struggled more than rivals such as JD Wetherspoon (JDW.L) who manage their pubs directly.

On Wednesday, Wetherspoon said sales growth in its second quarter picked up pace as cheap beer and food offers lured more cash-strapped customers. [ID:LDE70H1UV]

Enterprise Inns has been selling underperforming pubs to cut crippling net debt which stood at 3.3 billion pounds last September -- dwarfing the company's equity value of around 550 million pounds.

It sold 105 pubs in the first quarter, raising 105 million pounds and said it was on track to sell between 400-500 this year, raising in excess of 125 million pounds.

Enterprise Inns shares were down 1.5 percent to 108.5 pence at 1149 GMT.

"The larger picture at Enterprise Inns is the excessive debt burden and the group can ill afford additional trading blips," said Seymore Pierce analyst Hugh-Guy Lorriman who reiterated his 'sell' recommendation on the stock. (Reporting by Matt Scuffham; Editing by Rhys Jones and Erica Billingham) ($1 = 0.6257 pound)