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STOCKS NEWS EUROPE-Whitbread down on Premier Inn Q1 sales

Tue Jun 16, 2009 5:51am EDT

Stocks

   

Shares in Whitbread (WTB.L) fall 1.3 percent after the group reports a sharp decline in first-quarter trading at its budget hotel chain, Premier Inn, which accounts for around 75 percent of its earnings. [ID:nLF585939]

Whitbread says like-for-like sales at Premier Inn fell 7.9 percent in the thirteen weeks to May 28 with revenue per available room down 9.6 percent.

Evolution Securities analyst Nigel Parson says the update shows that Whitbread is "resilient but not immune."

"The stock is not expensive but the time to buy a hotel stock is when occupancy starts to recover. This could still be 12-18 months away," he says.

To see Whitbread's statement please click on [ID:nRnsP9401T]

Reuters messaging rm://matthew.scuffham.reuters.com@reuters.net


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