JD Wetherspoon sees weather boost sales

JDW remain in a financially sound position according to chairman Tim Martin
12/07/2017 - 10:22
JD Wetherspoon has reported that its like-for-like sales and its total sales increased in the 11 weeks to 9 July and in the year to date, with the pub chain putting this down largely to this summer’s weather.

Like competitor Young & Co on Tuesday, JDW has suggested that the warm weather this summer and April has played a large part in boosting sales.

JDW reported that its like-for-like sales over the last three months had increased by 5.3% and its total sales had gone up by 3.6%. The year to date, like-for-like sales were up 3.9% and total sales had increased by 1.9%.  

Chairman of Wetherspoon, Tim Martin, said: “Sales have been good in the last 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.”

JDW has opened nine new pubs since the start of the financial year and has sold or closed 38, with its net debt at the end of 2017 expected to be in the region of £715 million.

Despite those end of year predictions, JDW, which has spent £89.5 million on buying the freeholds on a number of properties of which it was previously the tenant, say that company remains in a financially sound position.

Regarding the potential consequences of Brexit and the threat that it could have on the sector, Martin said: “We’ll do well with or without a free trade deal, so stop tying the hands of our negotiators Don’t believe the media furore – an unprecedented political consensus has emerged on the main aspects of leaving the EU.”

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