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JD Wetherspoon PLC on Wednesday said it is ‘cautiously optimistic’ for the current financial year, as the pub chain said recent sales have been only fractionally short of their pre-pandemic level.
Like-for-like sales were up 13% on a year before in the 25 weeks to January 22 and only 0.7% below the same 25 weeks to January 2020, before the Covid-19 lockdowns in the UK.
More recently, like-for-like sales in the 12 weeks to the same date were up 18% on a year ago, but 2.0% below pre-pandemic.
Wetherspoon said it outperformed the UK pub and restaurant sector in December. Its like-for-like sales were up 21% last month on a year before. This compares to a 15% increase for the overall sector, according to the Coffer CGA Business Tracker.
Wetherspoon did not provide actual sales figures. Its full results for the six months ending on Sunday will be released on March 24.
The Watford, Hertfordshire-based company operates 844 pubs. It said it opened two pubs during the recent period and sold 10, raising £2.9 million. It said 35 of its pubs remain up for sale.
Net debt was £745 million as of this past Sunday, reduced by £60 million from before the pandemic. Wetherspoon said its financial headroom is about £225 million.
‘We are cautiously optimistic about the company’s prospects for the financial year,’ Chair Tim Martin said.
Wetherspoon shares were down 0.9% at 474.60 pence early Wednesday in London. The stock is down 47% over the past 12 months.
By Tom Waite, Alliance News editor
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