Wetherspoon sales rise 9.5% in Q1
During the period, the company has opened one pub at London’s Heathrow airport, four pubs have been sold, and six leasehold pubs have been surrendered to the landlord
J D Wetherspoon has reported a LFL sales growth of 9.5% for the 14 weeks ended 5 November.
Bar sales increased by 10.7%, food by 8.2% and slot machines by 10%. Hotel room sales for the group also increased by 6.2%.
Total sales have increased by 8.1% in the year to date.
The Coffer CGA Business Tracker reports monthly LFL sales for a number of pub and restaurant companies. In September, the tracker reported industry LFL sales of 5.9%, compared to 9.4% for Wetherspoon.
During the 14 weeks, the company has opened one pub at London’s Heathrow airport, four pubs have been sold, and six leasehold pubs have been surrendered to the landlord. Wetherspoon currently has a trading estate of 816 pubs.
Chairman Tim Martin said: “Sales in the first 14 weeks of the financial year have continued the pattern of gradual improvement which has followed the ending of lockdowns and restrictions. Inflationary pressures have eased, but energy costs, in particular, remain at far higher levels than pre-pandemic, putting pressure on suppliers and the wider economy.
“The company is increasing investment in existing pubs in the current financial year to approximately £70m (FY23: £46.9m). Areas of investment include new staff rooms, changing rooms, glass racks above bars (to cater for increased usage of brewers’ “branded” glasses) and air conditioning.”
Martin concluded: “The company currently expects an outcome for the financial year in line with market expectations, and will provide further updates as the year progresses.”
