Wetherpsoon sales jump 4.7% in Q2 results

JD Wetherspoon has reported a 4.7% increase in like-for-like sales for the first 12 week period ended 19 January.

The pub giant also reported an 4.2% increase in total sales. For the 25 week period to 19 January 2020, like-for-like sales increased by 5% and total sales by 4.9%.

Since the start of its financial year, Wetherspoon has opened one new pub and sold five. It also intends to open a further 10 to 15 sites, with £80m to be spent on new sites and extensions this year. 

Wetherspoon also reported that its net debt at the end of this financial year is currently expected to be between £780m and £820m, which it said is slightly higher than previously anticipated due to “higher than anticipated capital expenditure”. 

Chairman Tim Martin said: “We continue to anticipate a trading outcome for this financial year in line with our previous expectations.”

Earlier this month, Wetherspoon submitted plans to expand its current £7m redevelopment scheme for its Wolverhampton pub and hotel site, The Moon Under Water. 

Additionally, in December last year JD Wetherspoon announced an investment of over £200m in order to develop new pubs and hotels, as well as expanding existing ones in the UK and Ireland, creating about 10,000 new jobs.