JD Wetherspoon YTD sales up 5.1pc

(Sharecast News) - Pub landlord JD Wetherspoon said on Wednesday that like-for-like sales increased by 5.1% year-on-year in the 12 weeks ended 20 July, as sales volumes recently overtook pre-pandemic levels. JD Wetherspoon, which currently operates 794 pubs across the UK, highlighted that year-to-date like-for-like sales had also increased by 5.1%.

In the year-to-date, JD Wetherspoon has purchased 10.57m of its own shares for cancellation at an average price of £6.26 per share. It currently anticipates year-end net debt to be approximately £720.0m, with headroom, under existing facilities, of approximately £220.0m.

Chairman Tim Martin, said: "The company has benefitted from favourable weather in the fourth quarter, so that profits are anticipated to be in line with market expectations, notwithstanding the high tax and labour increases for the hospitality industry, which have been widely reported.

"Sales volumes, which were very slow post-pandemic, have recently overtaken pre-pandemic levels. Wine, for example, has shown strong growth, with Villa Maria from New Zealand and Prosecco from Italy both shooting the lights out. Spirits have improved in recent months and whisky volumes are significantly above pre-pandemic levels. Draught volumes are performing strongly with Guinness being the standout performer."

Reporting by Iain Gilbert at Sharecast.com