Wetherspoon boss warns of rising prices following autumn budget
While total sales have grown by 4.6% in the year-to-date, that is less than the like-for-like sales growth as a result of a small number of pub disposals
Wetherspoon chairman Tim Martin has said the pub group will “make every attempt to stay as competitive as possible” but warned of rising prices in hospitality following the autumn budget.
It comes as JD Wetherspoon has reported that like-for-like sales in the first quarter to 3 November were 5.9% higher than the same period last year, as bar and food sales rose 5.7% each.
While total sales have grown by 4.6% in the year-to-date, that is less than the like-for-like sales growth as a result of a small number of pub disposals.
However, in the year-to-date the company has opened two pubs in Marlow, Buckinghamshire, and at London Waterloo stations.
The group plans to open a total of nine pubs in the new year, including sites at London Bridge station, Fulham Broadway underground station and Manchester Airport.
Five pubs have also been sold in the year, giving rise to a cash inflow of £2.4m. The company currently has a trading estate of 797 pubs.
Tim Martin, chairman at Wetherspoon, said: “The company achieved record sales in the 14-week period and staff retention continues to be at high levels.
“Cost inflation, which had jumped to elevated levels in 2022, slowly abated in the following two years, but has now jumped substantially again following the budget. All hospitality businesses, we believe, plan to increase prices, as a result. Wetherspoon will, as always, make every attempt to stay as competitive as possible.”
He added: “The company is confident of a reasonable outcome for the year, although forecasting is more difficult given the extent of the increased costs.”
