JD Wetherspoon sales grow in Q1

(Sharecast News) - Pub landlord JD Wetherspoon revealed on Wednesday that both total sales and like-for-like sales had grown in Q1 as recent trading was helped by favourable weather. Wetherspoons said total sales were up 5.0% in Q1, while like-for-like sales increased by 5.6% in the 13 weeks ended 27 April. Year-to-date, total sales improved 4.2% and LFL sales were up 5.1%. Total sales were "slightly less" than like-for-like sales due to a small number of pub disposals during the period, according to the FTSE 250-listed group.

Wetherspoons also noted that it currently anticipates year-end net debt of between £720.0m and £740.0m, with headroom, under existing facilities, of approximately £200.0m.

Chairman Tim Martin said: "Bearing in mind that recent trading has been helped by favourable weather, the company anticipates a reasonable outcome for the financial year, notwithstanding previously reported wage and tax increases of approximately £1.2m per week."

As of 0910 BST, AstraZeneca shares were down 2.11% at 10,473.79p.





Reporting by Iain Gilbert at Sharecast.com