Wetherspoon boss reports ‘reasonable’ year ahead as sales continue to increase
JD Wetherspoon said today it expected a “reasonable outcome” for the current financial year based on trading over the first few weeks of 2024 as it announced its figures for the 26 weeks to 28 January.
The pub chain reported a 8.2 per cent jump in revenue for the period to £991m, up from £916m in the prior period.
Operating profit increased 81 per cent to £67.7m, up from £37.4m, with profit before tax surging 682.6 per cent to £36.0m, up from £4.6m.
In addition, Wetherspoon boss Tim Martin said like-for-like sales increased by 5.8 per cent in the past seven weeks,
However, Martin said the company remains cautious on “further lockdowns” after having vocalised his concerns for the aftermath of the pandemic.
“The company continues to be concerned about the possibility of further lockdowns and about the efficacy of the government enquiry into the pandemic, which will not be concluded for several years,” Martin said.
“The company currently anticipates a reasonable outcome for the financial year, subject to our future sales performance,” he continued.
The optimism comes amid what has been considered a crucial time for the hospitality sector, which has been hit hard in recent months as consumers scale back outings due to inflation and the cost-of-living crisis.
In the first half of 2023, London saw the highest number of pub closures out of any region in England, with a total of 46 shutting their doors.