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"Q1 Trading (March-May) saw weaker than expected trading in Premier Inn hotels with more robust performance in Costa enabling management to reiterate ‘in line/on track’ sentiments. Overall sales growth was 8%, with LFL growth of 1.8% (PGe 2.1%) with 474 new Premier Inns opened and 94 new Costa stores. Room opening targets have been slightly ranged down to 4,000- 4,500 (from 4,500) although Costa stores and machine targets expanded 230- 250 (from 230) and 1,250 machines (1,000). We do not expect forecasts to move materially today (call at 7.45am) although hotel weakness is cause for some caution." Singer note out this morning on Research Tree
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