JD Wetherspoon backs FY expectations as sales rise
JD Wetherspoon backed its full-year expectations on Wednesday as it posted 5.6% increase in total sales for the 13 weeks to 27 October.
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Wetherspoon (J.D.)
740.00p
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5.50p
Like-for-like sales at the FTSE 250 pub chain rose 5.3% during the period.
Wetherspoons said it opened one new pub since the start of the financial year and plans to open between 10 and 15 more during the year.
In the year to date, it has spent £43.3m on buying the freeholds of pubs of which it was previously the tenant and has bought back £6.4m of the company's shares.
AT 1220 GMT, JD Wetherspoon shares were up 1.2% at 1,543.00p.
Broker Liberum noted that LFL sales growth was a slowdown from 6.9% last year and 5.9% at the start of the period but ahead of the wider pub market.