Wetherspoon half-year sales near £1bn
Like-for-like sales, compared to its 2023 financial year, increased by 9.9%.
Total sales for the first half of J D Wetherspoon's recent financial year were up 8.2% at £991m.
Like-for-like sales, compared to its 2023 financial year, increased by 9.9%.
The Tim Martin-led business says that like-for-like sales were stronger than total sales due to a small number of pub disposals and lease terminations.
Wetherpsoon's operating profit, before separately disclosed items, was £67.7m (2023: £37.4m). The operating margin, while profit before tax and separately disclosed items was £36.0m (2023: £4.6m).
In the period, the company sold five pubs, terminated the lease of five pubs and sublet three pubs to the tune of £3.8m.
Concerned about lockdowns
Martin, the chairman of J D Wetherspoon plc, used the financial results to address the impact that Covid-19 lockdowns had on the business.
"The company continues to be concerned about the possibility of further lockdowns and about the efficacy of the government enquiry into the pandemic, which will not be concluded for several years," he says.
"Sales continue to improve. In the last seven weeks, to 17 March 2024, like-for-like sales increased by 5.8%. The company currently anticipates a reasonable outcome for the financial year, subject to our future sales performance."
You may also be interested in…
