|
JD Wetherspoon PLC on Wednesday said like-for-like sales in the early stages of its current financial year are ahead of pre-virus levels, but in the "last" five weeks, sales were 1.1% lower than during the same period in 2019.
The Watford, England-based pub chain said that in the 14 weeks to November 6, like-for-like sales rose 9.6% year-on-year and by 0.4% against a pre-Covid comparative from three years earlier. However, it noted that costs such as labour and food "were substantially higher".
"Trading has been broadly in line with expectations, although October has been a slightly slower month. For the first 9 weeks of the financial year, sales were 1.5% above the same period in calendar-year 2019. For the last 5 weeks, sales were 1.1% lower than the same period in 2019," the firm said.
Wetherspoon said it sold five pubs and opened one in the 14 weeks to November 6. The company put 32 pubs up for sale, with plans to add another seven to the list for disposals. It currently has a trading estate of 847 pubs.
The company noted that its net debt narrowed by 16% to £745 million at November 6 from £892 million at July 31, when its financial year 2022 ended.
Wetherspoon expects interest costs in financial year 2023 to be around £10 million higher.
Looking ahead, Chair Tim Martin said: "In the absence of further lockdowns or restrictions, the company remains cautiously optimistic about future prospects."
Wetherspoon shares fell 7.7% to 450.73 pence each in London on Wednesday morning.
Copyright 2022 Alliance News Limited. All Rights Reserved.
|
