Results round-up

Pub operator JD Wetherspoon reported a rise in sales and said it expects to see an improvement in the UK’s prospects following the vote to leave the European Union.

For the 11 weeks to 10 July, like-for-like sales rose 4% and total sales were up 3.8%. In the year to date, LFL sales increased 3.4% and total sales advanced 5.5%.

In a pre-close trading statement for the year to 24 July, the company said it has opened 13 new pubs since the start of the financial year, sold 29 and closed 11. It expects to open 16 new pubs this year and said there will be around £13m of exceptional, non-cash losses, mainly associated with pub disposals and closures.

The full-year operating margin before exceptional items and before a £3.8m gain on property is expected to be around 6.8%, compared to 7.4% last year.

As far as Brexit is concerned, chairman Tim Martin said he believes the UK’s economic prospects will improve following the vote.

Declines across all three of Burberry Group's regions led to a 3% like-for-like drop in retail sales in the first quarter, which was less than the 5% fall the market had forecast, though the luxury retailer warned its market remain challenging.

The FTSE 100 fashion group said it still expected low single-digit percentage growth in total retail revenue for the full year, but said it expects first-half wholesale revenue to be down by over 10% and full year licensing revenue will be down by about £20m due to cancellation of the Japanese agreement.

Directors continued to expect 2017 adjusted profit before tax will be more weighted to the second half than in the previous year, but it was calculated that there would be a £90m benefit from currency rates if they remain at current levels, up from the circa £50m foreseen at April's rates.

In the wake of board changes announced on Monday, including chief executive Christopher Bailey's replacement in the top role by Céline boss Marco Gobbetti in order to focus solely on the role of chief creative officer, the company is now in a position to begin its £150m share buyback programme this financial year.