Wetherspoon sales up 1%

JD Wetherspoon has seen like-for-like sales increase 1% in the 11 weeks to 11 July 2010, while total sales for the period were up 5.8%.

The pub operator released the figures as part of its pre-close statement ahead of the end of its financial year on 25 July.

The figures helped provide a boost to the company's financial year-to-date (50 weeks to 11 July 2010), with like-for-like sales up 0.1% and overall sales up 4.4% on the same period in the previous year.

Wetherspoon said it expected operating margins before exceptionals for the second half of the financial year to hit 10%. The firm added that it was in a "strong" financial position, with net debt to EBITDA currently at around 2.8 times.

It has opened 47 new pubs in the year and indicated that it saw "substantial opportunities" for further acquisitions.

Despite warning of higher interest charges next year, as well as having to deal with higher taxation and employment pressures in the wider economy, the company said it was also "confident of a resilient performance for the next financial year".

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By Neil Gerrard

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