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Iain Gilbert Sharecast News
19 Jan, 2022 07:31

JD Wetherspoon expects H1 loss as sales slump YTD

dl jd wetherspoons pub sign outside drinking
WetherspoonsSharecast photo / Josh White

Wetherspoon (J.D.)

609.50p

12:25 24/12/24
1.08%
6.50p

Pub chain JD Wetherspoon warned on Wednesday that it will swing to an interim loss in its current trading year after both total and like-for-like sales slumped year-to-date.

FTSE 250

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4,453.22

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Travel & Leisure

9,213.23

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0.47%
42.72

Wetherspoon stated that like-for-like sales had decreased by 11.7% in the 25 weeks to 16 January, while total sales were down 13.3% when compared to the equivalent period in the 2020 trading year.

The FTSE 250-listed firm highlighted that sales in the second quarter had been impacted by the UK's Plan B restrictions, announced by the government in December, as like-for-like sales decreased 15.6% in the 12 weeks to 16 January and total sales by 16.6%.

Chairman Tim Martin said: "As mentioned in our update on 13 December 2021, the uncertainty created by the introduction of plan B Covid-19 measures makes predictions for sales and profits hazardous.

"The company will be loss-making in the first half of the financial year, but hopes that, with the ending of restrictions, improved customer confidence and better weather, it will have a much stronger performance in the second half."

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