May 3, 2017 / 7:22 AM / in 3 months

BRIEF-JD Wetherspoon 13 weeks like-for-like sales rise 4 pct

2 Min Read

May 3 (Reuters) - J D Wetherspoon Plc

* For 13 weeks to April 23, 2017 like-for-like sales increased by 4.0 pct and total sales increased by 1.3 pct

* Year-to-date like-for-like sales have increased by 3.5 pct and total sales have increased by 1.4 pct

* Operating margin in 13 weeks to April 23, 2017 was 7.3 pct, compared with 6.4 pct in same 13 weeks last year

* Opened 9 pubs since start of financial year and sold 36

* 3 pubs have been closed and are being marketed

* Expect to open one further pub in this financial year

* Expects significantly higher costs in second half of financial year, mainly for business rates, utility taxes, excise duty and labour

* Co remains cautious about second half of year

* Net debt at end of this financial year now expected to be about 70 mln stg higher than level at last financial year end

* Currently anticipates a slightly improved trading outcome for current financial year, compared with its expectations at last update

* Result of higher costs, co anticipates it will require like-for-like sales of about 3 to 4 pct in next FY to maintain profits at current levels Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 806 749 1136)

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