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JD Wetherspoon PLC on Wednesday said it expects profit for its soon-to-conclude financial year, ending on July 30, to be in line with market expectations. The Watford, Hertfordshire-based pub and hotel chain said like-for-like sales in the first 10 weeks of its final quarter were up 11% on the same period of pre-pandemic financial 2019. Year-to-date sales were 7.4% ahead of the pre-pandemic comparators. On the previous year, like-for-like sales were up 12% in the final quarter. The firm also sought to clarify that recent disposals of pubs were not a ‘money raising exercise’, but were mostly a result of having another Wetherspoon pub nearby. Looking ahead to the next financial year, it expects an ‘improved outcome’, due to lower expectations for cost increases. Chair Tim Martin said: ‘ As a result of a continued improvement in sales and a slightly reduced expectation for cost increases, for example energy costs, the company anticipates an improved outcome for the next financial year, and anticipates an outcome for the first half of [financial 2024] approximately in line with the second half of [financial 2023].’ In March, the firm said pretax profit for the 26 weeks ended on January 29 was £57.0 million, swinging from a £13.0 million loss a year earlier. Revenue was up 13% to £916.0 million from £807.4 million. Full year results are due to be released on October 6. Shares were up 3.1% at 683.00 pence each on Wednesday morning in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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