6th Nov 2007 07:00
Wetherspoon (JD) PLC05 November 2007 JD WETHERSPOON PLC 6 November 2007 INTERIM MANAGEMENT STATEMENT JD Wetherspoon plc ("JD Wetherspoon" or the "Company"), which holds it's AGM on7 November 2007, announces its first Interim Management Statement as required bythe FSA's Disclosure and Transparency Rules. Current Trading For the thirteen weeks of the first quarter (to 28 October 2007), like-for-likesales decreased by 1%. We achieved strong like-for-like food sales growth,allied to a decline in like-for-like bar sales. Total sales in the periodincreased by 1.4%. Operating margins declined by 0.6% compared to the same period a year ago,principally as a result of the expected increase in lower gross margin foodsales. Operating costs in the year so far are in line with expectations,although interest charges are slightly higher. Following a strong increase in like-for-like sales in the first month after theban, encouraging growth in food sales has continued in the period. Asanticipated by most commentators, bar sales have come under some pressurealthough we are seeing encouraging growth in products, for instance wine andreal ale, often associated with the purchase of food. The trading pattern to date has been similar to that of Scotland following thesmoking ban and sales in that country subsequently resumed growth after aninitial period of decline. Property In line with expectations, we have opened 4 new pubs since the last update andit is anticipated that around 30 new pubs will open in the current year. Outlook In our pre year-end trading update of July 2007 and in our results announcementof September 2007, we indicated that there was more uncertainty than usualregarding the outcome of this financial year as a result of the effect of thesmoking ban. We remain confident that the smoking ban will be for the long-termbenefit of the pub trade, including Wetherspoon, but the short-term effect of adecline in bar sales means that we continue to remain cautious regarding theoutlook for this financial year. Other There have been no significant changes in Wetherspoon's overall financialposition or any material events or transactions effecting Wetherspoon since thepublication of the annual report and accounts for the year ended 29 July 2007 on7 September 2007. Enquiries: John Hutson Chief Executive 01923 477777Eddie Gershon Company Spokesman 0208 352 5012/07956 392234 Visit our web site at www.jdwetherspoon.co.uk Notes to editors 1. JD Wetherspoon owns and operates pubs throughout the UK. The Company aims to provide customers with good-quality food and drink, served by well-trained and friendly staff, at reasonable prices. The pubs are individually designed and the Company aims to maintain them in excellent condition. 2. Visit our website at www.jdwetherspoon.co.uk. 3. This announcement has been prepared solely to provide additional information to the shareholders of JD Wetherspoon, in order to meet the requirements of the UK Listing Authority's Disclosure and Transparency Rules. It should not be relied on by any other party, for other purposes. Forward-looking statements have been made by the directors in good faith using information available up until the date that they approved this statement. Forward-looking statements should be regarded with caution because of the inherent uncertainties in economic trends and business risks. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Wetherspoon (J.D)