18th Jul 2007 07:00
Wetherspoon (JD) PLC17 July 2007 JD WETHERSPOON PLC PRE YEAR-END TRADING UPDATE FOR IMMEDIATE RELEASE 18 July 2007 Current Trading For the first 11 weeks of the fourth quarter (to 15 July 2007) like-for-likesales increased by 4.9%. Year-to-date (50 weeks to 15 July 2007) like-for-likesales increased by 5.8%, with overall Company sales up by 6.9%. Non-Smoking Pubs Scottish pubs have been non-smoking for over a year, Northern Ireland and Walesbecame non-smoking in April 2007 and England in July 2007. As previouslyindicated, the change to non-smoking has led to strong growth in food salesallied to a slow-down in bar sales. Whereas this may have an initial impact onmargins, we believe that this legislation has resulted in pubs becoming moreattractive to the majority of customers. Our total like-for-like sales havecontinued to grow in all countries as a result of the beneficial impact on foodsales. Property The financial year so far has seen the opening of 15 new pubs and the disposalof 3. Another 3 pubs will open in the remainder of this financial year and wecurrently have an additional 10 pubs already on site for opening in the newfinancial year. The financial year to July 2008 is expected to see the openingof about 30 new pubs. 2007 Outlook The last quarter (to date) has seen reasonably good like-for-like sales and arelatively high level of expenditure in connection with the implementation ofour non-smoking plans. Our expectations for the financial year are unaltered. 2008 Outlook The outlook for 2008 involves more uncertainty than usual, in the light of thesmoking ban, although the Company has been encouraged by the sales performancein the relevant areas so far. Cost inflation is anticipated to be in line withour expectations, with increases in interest rates and minimum wage offset by areduction in energy costs. Provided these sales patterns continue, a reasonableoutcome is anticipated. Enquiries: John Hutson Chief Executive 01923 477777 Jim Clarke Finance Director 01923 477777 Eddie Gershon Company Spokesman 0208 352 5012/ 07956 392234 Visit our web site at www.jdwetherspoon.co.uk Notes to editors 1. The full year results announcement will be released on 7 September2007. 2. This document may contain certain "forward-looking" statements. By theirnature, forward-looking statements involve risk and uncertainty because theyrelate to future events and circumstances. Actual outcomes and results maydiffer materially from any outcomes or results expressed or implied by suchforward-looking statements. Any forward-looking statements made by or on behalfof JD Wetherspoon speak only as of the date they are made and no representationor warranty is given in relation to them, including as to their completeness oraccuracy or the basis on which they were prepared. JD Wetherspoon does notundertake to update forward-looking statements to reflect any change in JDWetherspoon's expectations with regard thereto or any changes in events,conditions or circumstances on which any such statement is based. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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