Wetherspoons sees LFL growth ease in first quarter

6th Oct 2023 07:20

(Sharecast News) - UK pub chain JD Wetherspoon swung to a full-year profit after sales rose by over a tenth, though underlying growth has eased somewhat in the first quarter of the new financial year.

The company reported a pre-tax profit of £42.6m or the 12 months ended 30 July, compared with a loss of £30.4m a year earlier, with diluted earnings per share coming in at 26.4p, up from -19.6p previously.

Revenues rose 10.6% to £1.93bn, up from £1.74bn the previous year, while like-for-like sales jumped 12.7%.

On a LFL basis, bar sales were up 9% over the year, while food sales jumped 17.7%, slow/fruit machine sales surged 26.4% and hotel room revenues were up 11.8%

However, in the nine weeks to 1 October, overall LFL growth for the company had eased to 9.9% from 11.5% reported in the fourth quarter.

Nevertheless, in a brief statement on current trading, chairman Tim Martin said the company "continues to perform well".