8
May 2024
J D WETHERSPOON
PLC
Trading Update
Announcement
J D Wetherspoon plc ('J D
Wetherspoon' or 'the Company'), announces a trading update for the
13-week period to 28 April 2024.
Current Trading
Like-for-like sales increased by 5.2%
in the 13 weeks to 28 April 2024, compared to the same period last
year. Year-to-date (YTD) like-for-like sales increased by
8.3%.
Total sales increased by 3.3% in the
quarter and by 6.5% YTD.
The last week of the period last year
included a bank holiday weekend, whereas this year the bank holiday
was a week later. Excluding that week, like-for-like sales for the
first 12 weeks of the period increased by 6.0%.
Property
In the year-to-date, the company has
opened two pubs and sold or surrendered to the landlord 18 pubs.
Most of the pubs were smaller and older, or where the company has a
second pub in reasonably close proximity. There was a net cash
inflow of £6.8 million from the 18 disposals.
17 trading pubs remain on the market,
or are under offer. The company currently has a trading estate of
809 pubs.
Financial Position
As at 28 April 2024, net debt was
£685 million.
Outlook
The chairman of JD Wetherspoon, Tim
Martin, said:
"Sales in the period continued the
steady recovery from the pandemic.
"Traditional ales, which were very
slow in the aftermath of the lockdowns, are increasing momentum,
with Abbot Ale, Ruddles Bitter and Doom Bar showing good growth, as
indeed are ales from the many small and micro brewers with which we
trade.
"The gods of fashion have smiled upon
Guinness, previously consumed by blokes my age, but now widely
adopted by younger generations.
"Also selling well among younger
generations are Au Vodka from Swansea and XIX flavoured vodkas, the
latter promoted by the hugely popular Sidemen.
"Wine has been on the comeback trail,
with Villa Maria Sauvignon Blanc, from New Zealand, popular among
Wetherspoon representatives of the chattering classes.
"Sales of Lavazza coffee are also
increasing. Free refills are thought to be responsible for
spontaneous exhibitions of breakdancing among retired
customers.
"Our new menu, launched last week,
has had a promising start, with some kindly reviewers comparing new
dishes favourably with respected competitors:
https://www.devonlive.com/whats-on/food-drink/tried-new-wetherspoons-menu-rivals-9260871?utm_source=linkCopy&utm_medium=social&utm_campaign=sharebar
.
"The company expects profits in the
current financial year to be towards the top of market
expectations."
Enquiries:
John
Hutson
Chief Executive
Officer
01923 477777
Ben Whitley
Finance Director
01923 477777
Eddie Gershon
Company spokesman
07956
392234
Notes to editors:
1. J D Wetherspoon owns
and operates pubs throughout the UK and Ireland. The Company aims
to provide customers with good-quality food and drink, served by
well-trained and friendly staff, at reasonable prices. The pubs are
individually designed, and the Company aims to maintain them in
excellent condition.
2. Visit our
website:
www.jdwetherspoon.com
3. This announcement has
been prepared solely to provide additional information to the
shareholders of J D Wetherspoon, to meet the requirements of the
FCA's Disclosure and Transparency Rules. It should not be relied on
by any other party, for any other purposes. Forward-looking
statements have been made by the directors in good faith, using
information available up until the date on which they approved this
statement. Forward-looking statements should be regarded with
caution, because of the inherent uncertainties in economic trends
and business risks.
4. This announcement
contains inside information. The person responsible for arranging
release of the announcement on behalf of the Company is Ben
Whitley, Finance Director.
5. The current financial
year comprises 52 trading weeks to 28 July 2024.
6. The next trading
update is expected to be the Company's statement on 10 July
2024.