Glossary of Terms
General
Like-for-like sales
Period over period change in total sales, less sales generated by businesses acquired or disposed of and retail outlets opened or closed during the current year and the previous year.
Return on Capital Employed (ROCE)
Operating profit divided by period end net assets (Where average ROCE is quoted it is based on the average of opening and closing net assets).
Operating margin
Operating profit expressed as a percentage of sales.
Restaurants
Turnover per outlet
Turnover in period divided by the average of opening and closing outlets.
Profit per outlet
Operating profit (after allocation of overheads but before exceptional items) divided by the average of the opening and closing number of outlets.
Hotels
Achieved Room Rate (ARR)
Hotel accommodation income divided by the number of rooms occupied by guests.
Occupancy
Number of hotel bedrooms occupied by guests expressed as a percentage of the number of bedrooms available in the period.
Yield (RevPar)
Also known as "revenue per available room" this hotel measure is achieved by multiplying the ARR by the occupancy rate.
Income before fixed costs
Hotel operating profit before directly attributable fixed costs (such as rent , rates, margin (IBFC) insurance, etc ) and central costs divided by hotel sales.
Profit per room
Hotel operating profit (after allocating central costs) divided by the number of rooms available.
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Analyst Area