Wetherspoon sees boost in like-for-like sales
16 january, 2013
Wetherspoon's, the UK's leading high street pub chain, saw like-for-like sales jump 7.6% in the 24 weeks to 13 January. In the last 11 weeks, like-for-likes were up 8.0%.
The value-driven chain said total sales over the 24 weeks were 11.2% ahead of the same period last year. It opened five new pubs so far this financial year, and has 12 sites under development. It said it is on track to open around 25 pubs in the financial year.
Wetherspoon said it expected to announce interim results for the six months ending 27 January 2013 on 15 March.
The company said it expected operating margin for the half year to be around 8.2%, approximately 1.1% lower than the last financial year, due to slightly higher than expected increases in costs in areas such as tax, utilities, labour and bar and food supplies, combined with increased marketing costs. It anticipate the Company’s corporation tax rate for this financial year to be around 27.5%.
John Hutson, Chief Executive, said: "Our sales, profit and cash flow continue to be resilient, in spite of the continuing taxation and regulation burden on the pub industry and the on-going pressure on consumer’s disposable incomes. The board expects a reasonable outcome for the current financial year."
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