LONDON (Thomson Financial) - JD Wetherspoon plc. said like for like sales in
the 11 weeks to July 13 were up by 0.4 percent.
In an update ahead of the group's year end on July 27 the pubs group said
that in the year to date like for like sales are down 1.0 percent and overall
company sales are up by 2.2 percent.
The group's expectations for the full year are unaltered.
It also said that, whereas it had been expecting second half sales broadly
similar to those of the second quarter, when like-for-like sales declined by 3.1
percent, actual sales have been ahead of this. Sales in the last 24 weeks have
been approximately flat, in line with record sales last year.
Also, the company remains in a sound financial position and continues to
generate strong free cashflow.
The financial year so far has seen the opening of 23 new pubs with 1 further
opening expected.
In the coming year Wetherspoon is bracing itself for considerable increases
in costs, especially in energy, food, labour and tax. But in spite of these
increases, the board said it remains confident of future prospects, due to the
group's resilient sales performance and strong free cashflow.
tf.TFN-Europe_newsdesk@thomsonreuters.com
slm
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