- Premier Inn owner Whitbread reports a 0.6% decline in like-for-like sales in the third quarter as it launches a £500m share buyback in the wake of its £3.9bn sale of Costa Coffee to Coca-Cola.

Year-to-date like-for-like sales are down 0.7% while total sales (including new openings) are up 2.5% in the third quarter and 2.7% for the year as a whole in the UK.

Occupancy, average room rate and revenue per available room were all down in the third quarter and though it expects to hit 2019 targets, the company does not expect any growth in the February 2020 financial year amid a subdued UK environment and sustained inflation.

The company plans to hold an investor day on 13 February 2019 to outline the growth opportunities for the Premier Inn brand.

At 8:27am: [LON:WTB] Whitbread PLC share price was -78p at 4695p

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