JD Wetherspoon plc has announced its pre-close statement, prior to the end of its financial year on 29 July 2012.
Current trading
For the 11 weeks to 8 July 2012, like-for-like sales increased by 6.1%, and total sales increased by 11.9%, with particularly strong trading around the fortnight of the Jubilee celebrations and during the Euro 2012 championships. In the year to date (50 weeks to 8 July 2012), like-for-like sales increased by 3.0%, and overall Company sales increased by 9.2%.
Wetherspoon anticipates reporting an operating margin (before exceptionals) for the second half of this financial year of approximately 8.5%, with the Company’s corporation tax rate (before exceptionals) for this financial year to be around 28.0% to 28.5%.
Outlook
40 pubs have been opened since the start of the financial year, and 3 closed.
Cost pressures continue as the result of government legislation, including increases in excise duty, business rates and carbon tax.
However, a ‘reasonable outcome’ is expected for this financial year.