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News
Wetherspoon weathers snow
JD Wetherspoon maintained like-for-like sales growth during the Christmas period, despite the negative impact of snow across the UK pub sector.
A second quarter trading update for the 12 weeks to 16 January 2011 showed like-for-like sales increased by 3%, while total sales for the period increased by 8.1%.
Although the company admitted that heavy snow in December has “a strongly adverse effect on sales”, the impact on like-for-like figures was off-set by the snow in January 2010.
Wetherspoon assured investors that “sales, profit and cashflow continue to be resilient and the performance of our recently-opened pubs remains encouraging.”
Despite acknowledging the adverse affect that higher interest charges, supply and utilities costs, as well as raised excise duty were likely to have on its first half profits, Wetherspoon stated: “The company is confident of a reasonable outcome for the year as a whole, helped by investments in new and existing pubs.”
The pub group confirmed its plan to add approximately 50 sites to its 800-strong portfolio in the current financial year.
Gabriel Savage, 25.01.2011