12th Jul 2023 08:22
(Alliance News) - JD Wetherspoon PLC on Wednesday said it expects profit for its soon-to-conclude financial year, ending on July 30, to be in line with market expectations.
The Watford, Hertfordshire-based pub and hotel chain said like-for-like sales in the first 10 weeks of its final quarter were up 11% on the same period of pre-pandemic financial 2019. Year-to-date sales were 7.4% ahead of the pre-pandemic comparators.
On the previous year, like-for-like sales were up 12% in the final quarter.
The firm also sought to clarify that recent disposals of pubs were not a "money raising exercise", but were mostly a result of having another Wetherspoon pub nearby.
Looking ahead to the next financial year, it expects an "improved outcome", due to lower expectations for cost increases.
Chair Tim Martin said: " As a result of a continued improvement in sales and a slightly reduced expectation for cost increases, for example energy costs, the company anticipates an improved outcome for the next financial year, and anticipates an outcome for the first half of [financial 2024] approximately in line with the second half of [financial 2023]."
In March, the firm said pretax profit for the 26 weeks ended on January 29 was GBP57.0 million, swinging from a GBP13.0 million loss a year earlier. Revenue was up 13% to GBP916.0 million from GBP807.4 million.
Full year results are due to be released on October 6.
Shares were up 3.1% at 683.00 pence each on Wednesday morning in London.
By Xindi Wei, Alliance News reporter
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