JD Wetherspoon: Sales rise but Tim Martin warns of energy bill pain
Budget boozer JD Wetherspoon reported a 9.5 per cent rise in like-for-like sales in the 14 weeks to November.
The no-frills pub chain, which has over 800 sites in the UK, said that bar sales also rose 10.7 per cent and food sales grew by 8.2 per cent.
During the term, Wetherspoons also sold or surrendered to the landlord six pubs and opened one site at Heathrow Airport.
The chain said it has plans to invest £70m into its current sites as it looks to revamp staff rooms, changing rooms, glass racks above bars and air conditioning.
Tim Martin, the outspoken frontman for the group, said that trade has improved “gradually” over the last year thanks to a return to normality post-pandemic and a slight easing of cost inflation.
However, he warned that energy costs remain at “far higher levels” than pre-pandemic, which will put pressure on “suppliers and the wider economy”.
He said: “Sales in the first 14 weeks of the financial year have continued the pattern of gradual improvement which has followed the ending of lockdowns and restrictions.
“Inflationary pressures have eased, but energy costs, in particular, remain at far higher levels than pre-pandemic, putting pressure on suppliers and the wider economy.”
He added: “The company currently expects an outcome for the financial year in line with market expectations, and will provide further updates as the year progresses.”