Costa helps boost full-year profits at Whitbread
Costa, the Whitbread owned coffee shop chain, has increased its full-year underlying operating profit by 20.7% to £132.5 million.
In the year to 26 February, total sales climbed by 17.9% as the company opened 219 net new stores worldwide and 777 net new Costa Express machines.
In the UK, total retail sales rose by 16.2% with like-for-like sales in UK equity stores increasing by 6%, mainly as a result of a 4.6% growth in transactions per store.
Across the wide Whitbread group, underlying pre-tax profit rose by 18.5% to £488.1 million.
Whitbread said its new five year growth milestones included growing Premier Inn UK from 59,138 to around 85,000 rooms and increasing its Costa system sales from £1.4 billion to circa £2.5 billion by 2020.
Whitbread chairman Richard Baker said: "This is another strong set of results, once again demonstrating the strength of the Premier Inn and Costa brands. We have today published 2020 milestones which show our belief in the continuing profitable growth opportunities available to both of those businesses.”
Whitbread also announced that its chief executive Andy Harrison is to retire in February 2016
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