Wetherspoon (JD) PLC
05 November 2007
JD WETHERSPOON PLC
6 November 2007
INTERIM MANAGEMENT STATEMENT
JD Wetherspoon plc ('JD Wetherspoon' or the 'Company'), which holds it's AGM on
7 November 2007, announces its first Interim Management Statement as required by
the FSA's Disclosure and Transparency Rules.
Current Trading
For the thirteen weeks of the first quarter (to 28 October 2007), like-for-like
sales decreased by 1%. We achieved strong like-for-like food sales growth,
allied to a decline in like-for-like bar sales. Total sales in the period
increased by 1.4%.
Operating margins declined by 0.6% compared to the same period a year ago,
principally as a result of the expected increase in lower gross margin food
sales. Operating costs in the year so far are in line with expectations,
although interest charges are slightly higher.
Following a strong increase in like-for-like sales in the first month after the
ban, encouraging growth in food sales has continued in the period. As
anticipated by most commentators, bar sales have come under some pressure
although we are seeing encouraging growth in products, for instance wine and
real ale, often associated with the purchase of food.
The trading pattern to date has been similar to that of Scotland following the
smoking ban and sales in that country subsequently resumed growth after an
initial period of decline.
Property
In line with expectations, we have opened 4 new pubs since the last update and
it is anticipated that around 30 new pubs will open in the current year.
Outlook
In our pre year-end trading update of July 2007 and in our results announcement
of September 2007, we indicated that there was more uncertainty than usual
regarding the outcome of this financial year as a result of the effect of the
smoking ban. We remain confident that the smoking ban will be for the long-term
benefit of the pub trade, including Wetherspoon, but the short-term effect of a
decline in bar sales means that we continue to remain cautious regarding the
outlook for this financial year.
Other
There have been no significant changes in Wetherspoon's overall financial
position or any material events or transactions effecting Wetherspoon since the
publication of the annual report and accounts for the year ended 29 July 2007 on
7 September 2007.
Enquiries:
John Hutson Chief Executive 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.
This information is provided by RNS
The company news service from the London Stock Exchange
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