Wetherspoon (JD) PLC
17 July 2007
JD WETHERSPOON PLC
PRE YEAR-END TRADING UPDATE
FOR IMMEDIATE RELEASE
18 July 2007
Current Trading
For the first 11 weeks of the fourth quarter (to 15 July 2007) like-for-like
sales increased by 4.9%. Year-to-date (50 weeks to 15 July 2007) like-for-like
sales increased by 5.8%, with overall Company sales up by 6.9%.
Non-Smoking Pubs
Scottish pubs have been non-smoking for over a year, Northern Ireland and Wales
became non-smoking in April 2007 and England in July 2007. As previously
indicated, the change to non-smoking has led to strong growth in food sales
allied to a slow-down in bar sales. Whereas this may have an initial impact on
margins, we believe that this legislation has resulted in pubs becoming more
attractive to the majority of customers. Our total like-for-like sales have
continued to grow in all countries as a result of the beneficial impact on food
sales.
Property
The financial year so far has seen the opening of 15 new pubs and the disposal
of 3. Another 3 pubs will open in the remainder of this financial year and we
currently have an additional 10 pubs already on site for opening in the new
financial year. The financial year to July 2008 is expected to see the opening
of about 30 new pubs.
2007 Outlook
The last quarter (to date) has seen reasonably good like-for-like sales and a
relatively high level of expenditure in connection with the implementation of
our non-smoking plans. Our expectations for the financial year are unaltered.
2008 Outlook
The outlook for 2008 involves more uncertainty than usual, in the light of the
smoking ban, although the Company has been encouraged by the sales performance
in the relevant areas so far. Cost inflation is anticipated to be in line with
our expectations, with increases in interest rates and minimum wage offset by a
reduction in energy costs. Provided these sales patterns continue, a reasonable
outcome is anticipated.
Enquiries:
John Hutson Chief Executive 01923 477777
Jim Clarke 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. The full year results announcement will be released on 7 September
2007.
2. This document may contain certain 'forward-looking' statements. By their
nature, forward-looking statements involve risk and uncertainty because they
relate to future events and circumstances. Actual outcomes and results may
differ materially from any outcomes or results expressed or implied by such
forward-looking statements. Any forward-looking statements made by or on behalf
of JD Wetherspoon speak only as of the date they are made and no representation
or warranty is given in relation to them, including as to their completeness or
accuracy or the basis on which they were prepared. JD Wetherspoon does not
undertake to update forward-looking statements to reflect any change in JD
Wetherspoon's expectations with regard thereto or any changes in events,
conditions or circumstances on which any such statement is based.
This information is provided by RNS
The company news service from the London Stock Exchange
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