JD Wetherspoon quarterly sales rise but costs to cause profit miss
JD Wetherspoon PLC on Wednesday reported higher quarterly sales but cautioned that higher costs may lead to slightly lower-than-expected profit.
Shares in the Watford, England-based pub chain were up 1.0% at 589.00 pence each in London mid-morning Wednesday, having earlier fallen to 574.00p.
Like-for-like sales increased by 3.4% in the 13 weeks to April 26, compared to the same period last year. Year-to-date like-for-like sales increased by 4.3%.
Total sales increased by 4.1% in the quarter and by 4.9% year-to-date.
JD Wetherspoon’s financial year typically ends on the last Sunday in July.
Chair Tim Martin noted sales growth was ahead of the ’NIQ RSM Hospitality Business Tracker’ for the 43rd month in a row in March, although Wetherspoon’s growth for the quarter was slightly below the year-to-date.
He flagged a strong pipeline of new pubs and planned opening but cautioned ‘substantial increases in costs’, may result in profits ‘slightly below market expectations’.
The pub operator said it continues to anticipate year-end net debt of between £740 million and £760 million, with interest costs of around £47 million, ‘in line’ with the prior financial year.
The company currently operates 794 managed pubs, after opening eight pubs year-to-date and selling eight. In addition, 21 pubs operate under a franchise agreement. There have been 13 franchised openings in the year-to-date.
New pubs are planned at Manchester and Heathrow airports, at Paddington and Charing Cross stations in London, and on Shaftesbury Avenue, also in London.
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