(Reuters) -Premier Inn owner Whitbread (LON:WTB) said on Thursday its first-quarter sales came in ahead of last year's figures, supported by strong demand for travel and leisure and robust performances of its UK hotels.
The hospitality industry is witnessing a rebound as travel across the world recovers from the pandemic fallout, while a cost-of-living crisis has seen demand for budget hotel chains soar with consumers tightening their purse strings.
Whitbread's forward-booked revenue in the UK was ahead of last year's levels, and its German business is expected to reach break-even on a run-rate basis during the calendar year 2024.
"Our forward-booked position into second quarter underpins our confidence in being able to deliver a strong first-half result," CEO Dominic Paul said in a statement.
The hotel chain operator, which owns steakhouses Beefeater and Bar+Block, said like-for-like sales growth in the UK was up 14% year-on-year, with total like-for-like sales growth 15% above year-ago levels.
Whitbread's food and beverage division reported a 10% jump in its total sales.