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JD Wetherspoon has announced its pre-close statement, prior to the end of the current financial year. For the 11 weeks to 8 July, 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, like-for-like sales increased by 3.0%, and overall company sales increased by 9.2%. Wetherspoon currently anticipates reporting an operating margin (before exceptionals) for the second half of this financial year of approximately 8.5%. The company's corporation tax rate (before exceptionals) for this financial year is expected to be around 28.0% to 28.5%. Since the start of the financial year, Wetherspoon has opened 40 new pubs and closed three pubs. As previously disclosed, the firm intend to open approximately 20 to 30 pubs in the next financial year. The company has bought back 5.6 million shares, at a total cost of £22.7m, in the current financial year. There has been no significant change in the company's overall financial position since the IMS statement update on 2 May. The main challenges for the firm, in this financial year of 53 trading weeks, have been the continuing cost pressures resulting from government legislation, including increases in excise duty, business rates and carbon tax. The company expects to achieve a reasonable outcome for the current financial year. Other Business Money News
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