Wetherspoon (JD) PLC Trading Update (1392X)
May 04 2016 - 2:00AM
UK Regulatory
TIDMJDW
RNS Number : 1392X
Wetherspoon (JD) PLC
04 May 2016
04 May 2016
J D WETHERSPOON PLC
Q3 Trading Update
J D Wetherspoon plc ('J D Wetherspoon' or 'the Company'),
announces its Q3 trading update for the 13-week period up to 24
April 2016.
Current trading
For the 13 weeks to 24 April 2016 like-for-like sales increased
by 3.8%, in line with the most recent 6 week period reported in our
interim results. Total sales increased by 5.5%. Year to date
like-for-like sales have increased by 3.2% and total sales have
increased by 5.9%.
The operating margin in the 13 weeks to 24 April 2016 was 6.4%,
compared with 7.5% in the same 13 weeks last year. The margin
reflects the increases in the starting rates for hourly paid staff
in August 2015, which totalled approximately 8%.
Property
The Company has opened 8 new pubs since the start of the
financial year and has closed 19, of which 8 have been sold. We
expect to open 16 new pubs in this financial year. There will be
around GBP5m of exceptional non-cash losses in this financial year,
associated with the disposal programme.
Financial position
The Company remains in a sound financial position. Net debt at
the end of this financial year is currently expected to be around
GBP650m.
In compliance with new regulations ("Market Abuse Regulation -
July 2016") governing share buy backs, the company is disclosing
its intention to buy back between zero and GBP60m shares
(comprising up to 8.5m shares) in the financial year ending July
2017, with purchased shares being cancelled. In the last 10 years,
for example, Wetherspoon has bought back the following amounts of
shares:
Financial 2016
Year YTD 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006
GBPm 37.3 12.7 24.6 0.0 22.7 32.8 0.0 0.0 12.0 77.0 78.7
Outlook
The chairman of JD Wetherspoon, Tim Martin, said:
"Sales during the quarter have continued at approximately the
same levels reported on 11 March 2016 in our interim statement. We
are still aiming for a reasonable outcome for the financial year,
before the impact of the previously announced GBP3.8m property gain
realised in the first 6 months."
Enquiries:
John Hutson Chief Executive Officer 01923 477777
Ben Whitley Finance Director 01923 477777
Eddie Gershon Company spokesman 07956 392234
Notes to editors
1. J D 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: www.jdwetherspoon.co.uk
3. This announcement has been prepared solely to provide
additional information to the shareholders of J D Wetherspoon, to
meet the requirements of the FCA's Disclosure and Transparency
Rules. It should not be relied on by any other party, for any other
purposes. Forward-looking statements have been made by the
directors in good faith, using information available up until the
date on which they approved this statement. Forward-looking
statements should be regarded with caution, because of the inherent
uncertainties in economic trends and business risks.
4. The current financial year comprises 52 trading weeks to 24 July 2016.
5. The next trading update is expected to be the Company's statement on 13 July 2016.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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