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JD Wetherspoon forecasts weaker performance amid 'tougher comparatives'

By BFN News | 08:03 AM | Wednesday 07 November, 2018


Pub chain JD Wetherspoon said Wednesday it expected full-year performance would be below that of last year, warning of tougher comparatives as input costs rise. The company said it expected a trading outcome slightly below that achieved in the previous financial year. The company also warned of tougher 'comparatives' even as sales continued to grow strongly, announcing plans to hike wages at Wetherspoons as record unemployment placed upward pressure on wages. For the 13 weeks to 28 October 2018, like-for-like sales increased by 5.5% and total sales by 6.2%. The company opened two new pubs since the start of the financial year and closed three, with between 5 and 10 pubs expected to open in the current financial year. Chairman Tim Martin also touched on Brexit, insisting that a no-deal Brexit 'really means free trade.' 'The economic truth is that no deal/free trade will leave the U.K. better off on the day we leave the EU in March next year. The risk to the future lies in staying linked to the chaotic and undemocratic Brussels regime,' said The chairman of Wetherspoon, Tim Martin . At 8:03am: (LON:JDW) Wetherspoon J D PLC share price was -67.5p at 1243.5p Story provided by StockMarketWire.com

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