JD Wetherspoon reports like-for-like sales increase

22 January 2020 by
JD Wetherspoon reports like-for-like sales increase

JD Wetherspoon has seen like-for-like sales increase by 4.7% in the 12 weeks to 19 January 2020.

In its Q2 trading update the pub giant reported a total sales increase of 4.9% for the year to date.

The financial year has seen JD Wetherspoon open one pub and sell five. It intends to open a further 10 to 15, with £80m to be spent on new sites and extensions this year.

Chairman Tim Martin said: "We continue to anticipate a trading outcome for this financial year in line with our previous expectations."

The group continues to invest in pub freeholds and has spent £57m, in the year to date on sites where it was previously a tenant. A total of £320m has been spent on reversions since 2014.

Net debt at the end of the financial year is expected to be between £780m and £820m, slightly more than expected due to higher than anticipated capital expenditure. The company has said its debt level approximately equals its expenditure on reversions and buybacks.

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