19th Jan 2022 09:51
(Alliance News) - JD Wetherspoon PLC on Wednesday predicted it will be loss-making in the first half of its financial year.
The Watford, England-based pub chain saw like-for-like sales decrease by 12% and total sales drop by 13% in the 25 weeks leading up to January 16, compared to the same period in financial 2020.
Wetherspoon said its second-quarter ending January 16 was damaged by the 'Plan B' Covid restrictions brought in by the UK government in December. Like-for-like sales in this 12-week period decreased by 16% and total sales by 17%.
Wetherspoon's share price rose by 1.3% to 915.00 pence each in London on Wednesday morning.
Chair Tim Martin said: "The uncertainty created by the introduction of Plan B Covid-19 measures makes predictions for sales and profits hazardous. The company will be loss-making in the first half of the financial year, but hopes that, with the ending of restrictions, improved customer confidence and better weather, it will have a much stronger performance in the second half."
UK Prime Minister Boris Johnson is expected to announce to Parliament on Wednesday that the Plan B measures will be lifted next week.
Wetherspoon will publish its full results for the half-year ending January 23 on March 18.
By Elizabeth Winter; [email protected]
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