Friday 18 October 2024

Tough consumer outlook knocks Whitbread shares despite strong results

Costa Coffee's like-for-like UK sales growth slowed to 2% from 2.9% in the previous year, although total sales at the chain grew by 10.7%, helped by the opening of 255 new cafes and more Costa Express machines being installed.

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LONDON – Whitbread posted a robust set of annual results on Tuesday, but warned of the ongoing risks relating to Britain’s decision to quit the European Union, which sent shares sliding.

The owner of Costa Coffee reported an increase in profits last year in the 12 months to 2 March – underlying pre-tax profits rose 6.2% to £565.2m, with total revenue up 8.2% to £3.1bn.

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