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Wetherspoons reports solid Q4 growth with sales at record levels
(Sharecast News) - Wetherspoons has said it expects profits to hit market expectations as it closes out its financial year with strong sales momentum. The pubs group reported like-for-like sales growth of 5.8% in the 10 weeks to 7 July, picking up slightly from the 5.3% LFL increase reported in the third quarter.
Total sales are said to be at record levels despite the group operating fewer locations, having opened two sites but sold or surrendered to the landlord 26 pubs during the financial year. Some 10 trading pubs remain on the market or are under offer, giving the company a trading estate of 801 pubs.
"Sales per pub are approximately 21% higher than pre-pandemic levels, which has helped to compensate for the very substantial increase in costs," said chairman Tim Martin.
Compared with the financial year ended July 2019, labour costs are £164m higher, while energy costs have increased £28m.
"Notwithstanding these cost pressures, the company continues to endeavour to 'widen the moat' by investing in areas such as beer gardens, staff rooms, above-bar glass racks and improved beer dispense systems," Martin said.
Wetherspoons' annual results for the fiscal year ending 28 July will be announced on 4 October.
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