JD Wetherspoon like-for-like sales boosted by warm weather
Like-for-like sales at JD Wetherspoon were up 5.3% for the 11 weeks to 9 July 2017, assisted by the warm weather.
In a pre-close trading statement the pub group said that like-for-like sales increased 3.9% and total sales increased 1.9% in the financial year to 30 July 2017.
The company has opened nine new pubs since the start of the financial year and sold or closed 38. As a result of the disposals Wetherspoon said that there were expected to be around £24m of exceptional, non-cash losses in this financial year
Chairman of Tim Martin (pictured) said: "Sales have been good in the past 11 weeks, probably helped by unusually good weather.
"As previously stated, the company anticipates that like-for-like sales of about 3 to 4% will be required to maintain profits at this year's levels in our next financial year.
"As is the case for most public companies, shareholders and the media are interested in our views on the Brexit process. In general, it is my view that requests to the government, like the one last week from the FCA, for "clarity" and to "hammer out a post-Brexit transitional arrangement this year" are unrealistic and increase pressure to agree unfavourable terms. It also makes the FCA and similar organisations seem rather weak. Everyone knows that these sorts of deals aren't within the government's gift - and the City and businesses are supposed to be able to deal with uncertainty."
JD Wetherspoon trading "better than expected" >>
Tim Martin attacks the CBI over Brexit negotiations as JD Wetherspoon sales rise >>
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