Wetherspoon sales slowly increase in full year results
Sales have slowly improved throughout the course of its latest financial year.
Sales across the J D Wetherspoon estate have slowly improved throughout the course of its latest financial year (FY22), but are still down 4.3% when compared to pre-pandemic levels.
Total sales for FY22 were £1,740.5m, a decrease from the £1,818.8m seen in the pre-pandemic 52 weeks ended 28 July 2019.
Like-for-like bar sales decreased by 6.5% and food sales by 3.2%. However, the Tim Martin-led business has seen gradual improvements throughout 2022, with the first nine weeks of its current financial year seeing a like-for-like sales increase of 10.1%, compared to the nine weeks to 3 October 2021.
Operating profit for FY22, before exceptional items, was £25.7m (2019: £131.9m). The loss before tax and exceptional items was £30.4m (2019: £102.5m profit).
The company also sold, closed or terminated the leases of 15 pubs, giving rise to a cash inflow of £5.9m.
With Wetherspoon still feeling the effects of Covid-19, Martin used his preliminary results statement to highlight what he sees as two of the biggest threats to the sector.
“Perhaps the biggest threat to the hospitality industry is the possibility of further lockdowns and restrictions," he says. “The other major threat to the hospitality industry is the huge and unjustifiable tax advantage that supermarkets enjoy.
“These caveats aside, in the absence of further lockdowns or restrictions, the company is cautiously optimistic about future prospects."
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