Wetherspoon confident after sales boost
JD Wetherspoon is confident about the future after posting promising interim trading results, which have shown a leap in sales.
The high street pub chain revealed that for the 13 weeks to 24 April 2011, like-for-like sales increased by 2.4% and total company sales for the same period rose by 7.4%, despite a bleak economic backdrop.
In the year to date, like-for-like sales increased by 2.4% and overall company sales jumped by 7.6%. The operating margin in the 13 weeks to 24 April was 9.6%, compared with 9.4% in the first half of the current financial year, its interim management statement said.
The company has opened 29 new pubs and closed two pubs since the start of the financial year and, in line with previous estimates, intends to open approximately 50 pubs in the current financial year.
JD Wetherspoon admitted the company would feel the impact of the rising costs of goods and services, coupled with a reduction in customers' disposable income, but believes it can weather the storm.
"Sales and cashflow continue to be resilient and the performance of our recently opened pubs remains encouraging, which should enable the company to produce a reasonable outcome in the current financial year," its statement said.
Wetherspoon sees breakfast sales soar following decision to open earlier >>
Wetherspoon blames tax and interest charges for profit decline >>
By Helen Gilbert
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