13th Jul 2016 06:50
LONDON (Alliance News) - JD Wetherspoon PLC on Wednesday reported growth in sales in the 11 weeks to July 10 and in the 50 weeks to the same date, as it prepares to close its current financial year.
The pub company said total sales in the 11 weeks grew by 3.8% year-on-year, while rising by 5.5% in the 50 weeks. Like-for-like sales increased by 4% in the 11 weeks and by 3.4% in the 50 weeks. Full-year operating margin before exceptional items and before a GBP3.8 million property gain is expected to be around 6.8%, compared with 7.4% last year.
Wetherspoon has opened 13 news pubs in the financial year, sold 29 and closed 11. It expects to have opened 16 new pubs by the end of the year, booking around GBP13 million in exceptional, non-cash losses due to the pub disposals and closures.
Chairman Tim Martin said he believes the UK's economic prospects will improve following its decision to leave the European Union, but said there may be "some kind of slowdown" due to the negative warnings Remain campaigners had made regarding Brexit.
"Wetherspoon trade strengthened slightly in recent weeks and we consequently anticipate a modestly improved outcome for this financial year. Caution should be exercised in extrapolating current levels of sales growth for future years," Martin said in the company's statement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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