J.D. Wetherspoon, the London-listed pub operator, announced that it achieved positive sales growth in the first half of its fiscal year and expects to meet market expectations for the full year outcome.
During the 25-week period ending on January 21, like-for-like sales increased by an impressive 10%. Bar sales saw a 12% rise, while food sales experienced a growth of 7.9%. Additionally, there was a noticeable increase of 10% in sales from slot and fruit machines. The company also reported a 3.1% increase in hotel room sales.
So far this year, total sales growth has reached 8.4%, with the most recent 12-week period showing a significant 11% increase in like-for-like sales.
In terms of business activities, J.D. Wetherspoon confirmed the sale of five pubs. Furthermore, eight leasehold pubs have been either surrendered to the landlord or sublet, resulting in a cash inflow of £3.8 million ($4.8 million).
Commenting on the company’s performance, Chairman Tim Martin stated, “Wetherspoon, like the hospitality industry, has experienced a consistent but gradual recovery following the pandemic. Although overall inflation is reducing, labor and energy costs remain significantly higher than pre-pandemic levels.”
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