Wetherspoon (JD) PLC
21 January 2008
22 January 2008
JD Wetherspoon PLC
Pre-Close Statement
JD Wetherspoon plc ('JD Wetherspoon' or the 'Company') announces an update on
current trading prior to entering its close period for its interim results for
the six months ending 27 January 2008, which are expected to be announced on 7
March 2008.
Current Trading
For the first 11 weeks of the second quarter (to 13 January 2008), like for like
sales decreased by 3.2%. with the anticipated pattern of strong food sales
growth combined with a decrease in bar sales. In the year to date (24 weeks to
13 January) like for like sales decreased by 2.0% and overall Company sales
increased by 0.4%.
A strong trend within our business has been a reduction in sales of premium
lagers and spirits and an upturn in sales of real ale, food and coffee, with
sales, for example, of a million coffees and teas in the Christmas fortnight.
We reported for the first quarter that operating margins declined by 0.6%. We
expect the outcome for the half year to be slightly favourable to this primarily
as a result of lower energy and repairs costs.
Property
The financial year so far has seen the opening of 10 new pubs and it is
anticipated that around 25 new pubs will open in the full year. This is slightly
lower than previously indicated, with some openings now likely to take place in
the next financial year.
Outlook
In recent statements, we and other pub companies have emphasised an element of
uncertainty and caution resulting from the smoking bans introduced in England,
Wales and Northern Ireland in 2007. We continue to remain cautious regarding the
outlook for this financial year. We are confident that a non-smoking environment
will result in growth in both bar and food categories in the medium and long
term.
Enquiries:
John Hutson Chief Executive 01923 477777
Keith Down Finance Director 01923 477777
Eddie Gershon Company Spokesman 0208 352 5012 / 07956 392234
Visit our web site at www.jdwetherspoon.co.uk
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 at 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 UK Listing Authority'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 that they approved this statement.
Forward-looking statements should be regarded with caution because of the
inherent uncertainties in economic trends and business risks.
End
This information is provided by RNS
The company news service from the London Stock Exchange
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