Jubilee and Euros lift Wetherspoon's sales

By John Harrington

- Last updated on GMT

Related tags: Excise

JD Wetherspoon has reported a 6.1% rise in like-for-like sales in the 11 weeks to 8 July, helped by “strong trading” during the Jubilee and Euro 2012, and said it expects a “reasonable outcome” for the current financial year.

Total sales for the managed pub operator in the period increased 11.9%. In the year to date (50 weeks to 8 July 2012), like-for-like sales increased by 3%, with overall sales up 9.2%.
Wetherspoons said it maintained its objective of opening approximately 20 to 30 pubs in the next financial year. Since the start of the financial year, the company has opened 40 new pubs and closed three.
The company anticipates reporting an operating margin (before exceptionals) for the second half of this financial year of c8.5%, and expects its corporation tax rate (before exceptionals) for this financial year to be around 28% to 28.5%.
The company said: “As previously stated, the main challenges for the Company, in this financial year of 53 trading weeks, have been the continuing cost pressures resulting from government legislation, including increases in excise duty, business rates and carbon tax.
“We expect to achieve a reasonable outcome for the current financial year.”

Related topics: JD Wetherspoon

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