Wetherspoons enjoys 6% jubilee and football sales boost
11 July, 2012
JD Wetherspoon, the UK's leading high street pub chain, saw like-for-like sales jump 6.1% in the 11 weeks to 8 July, boosted by a fortnight of jubilee celebrations and the Euro 2012 championships. Total sales were up 11.9% against the same period last year.
This helped improve results for the year to date, with like-for-like sales for the 50 weeks to 8 July increasing by 3.0%, and overall company sales ahead 9.2%. This compares favourably with Coffer Peach Business Tracker figures for the eating and drinking out sector as a whole, where annulaised like-for-like sales growth is currently running at +2.0%.
Since the start of the financial year, the Wetherspoons has opened 40 new pubs and closed three pubs. "It is our present intention to open approximately 20 to 30 pubs in the next financial year," added chairman Tim Martin (pictured).
He said the company anticipated reporting an operating margin (before exceptionals) for the second half of this financial year of approximately 8.5%.
"As previously stated, the main challenges for the company have been the continuing cost pressures resulting from government legislation, including increases in excise duty, business rates and carbon tax," Martin added.
He expected the company’s corporation tax rate (before exceptionals) for this financial year to be around 28.0% to 28.5%.
Wetherspoons has bought back 5.6 million shares, at a total cost of £22.7 million, in the current financial year.
June Coffer Peach Tracker data for the industry as a whole will be published next week.
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