Interim Management Statement

RNS Number : 1820E

Wetherspoon (JD) PLC

07 May 2013

 



8 May 2013

JD WETHERSPOON PLC

INTERIM MANAGEMENT STATEMENT

JD Wetherspoon plc ('JD Wetherspoon' or the 'Company') announces its Interim Management Statement for the period up to 7 May 2013, incorporating the 13 week period to 28 April 2013, as required by the FCA's Disclosure and Transparency Rules.

Current trading

For the 13 weeks to 28 April 2013, like-for-like sales increased by 6.3% and total sales increased by 9.3%. In the year to date (39 weeks to 28 April 2013), like-for-like sales increased by 6.7%, and total sales increased by 10.1%.  We expect lower like-for-like sales in the final quarter of this financial year than for the year so far, given last year's final quarter like-for-like sales of 6.1%.

The operating margin, in the 13 weeks to 28 April 2013, was 8.5%, compared with 8.3% in the first half of the current financial year. In the year-to-date (39 weeks to 28 April 2013) the operating margin was 8.4%.

Property

The Company has opened 16 new pubs and sold two since the start of the financial year. We have several sites under development and, in line with our last update, intend to open 30 pubs in the current financial year. It is our present intention to open approximately 20 to 25 pubs in the following financial year.

Financial position

There have been no other significant changes in the Company's overall financial position, since the publication of the interim accounts on 15 March 2013.

Outlook

As previously indicated, the biggest dangers to the pub industry are the VAT disparity between supermarkets and pubs and the continuing imposition of stealth taxes such as the late-night levy and increased fruit/slot machine taxes. However, the company welcomes the recent abolition of the duty escalator and the reduction in beer duty, and hopes that this indicates a greater appreciation from politicians of the important economic and social role played by pubs. Notwithstanding the recent changes, we anticipate that taxation and input costs will continue to rise.

The company continues to aim for a reasonable outcome in the current financial year.

Enquiries:

John Hutson, Chief Executive	01923 477 777
Kirk Davis, Finance Director	01923 477 777
Eddie Gershon, Company Spokesman	0208 352 5012/07956 392234

Notes to editors

1. JD Wetherspoon owns and operates pubs throughout the UK. The Company aims to provide customers with good-quality food and drink, served by well-trained and friendly staff, at reasonable prices. The pubs are individually designed, and the Company aims to maintain them in excellent condition.

2. Visit our website: www.jdwetherspoon.co.uk

3. This announcement has been prepared solely to provide additional information to the shareholders of JD Wetherspoon, in order to meet the requirements of the FCA's Disclosure and Transparency Rules. It should not be relied on by any other party, for other purposes. Forward-looking statements have been made by the directors in good faith, using information available up until the date on which they approved this statement. Forward-looking statements should be regarded with caution, because of the inherent uncertainties in economic trends and business risks.

4. The current financial year comprises 52 trading weeks to 28 July 2013.

5. The next trading update is expected to be the Company's statement on 24 July 2013.

 

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