"JD Wetherspoon took a £45 million hit in the first half of the year with repair and energy bills, wages and business rates soaring. The pub said in the 25 weeks to 18 January like-for-like sales were up by 4.7% and "profits are likely to be lower" than the previous first half due to "hight than expected" costs. Shares fell 7% in early morning trading on Wednesday."
"Costs have been higher than anticipated, with energy, wages, repairs and business rates, for example, increasing by £45 million in the first 25 weeks. "Profits in the first half are likely to be lower than the comparable period in the previous financial year. If the current sales momentum continues, the company currently anticipates a full year trading outcome slightly below that achieved in FY25."
Like-for-like sales rose 4.7% in the 25 weeks to 18 January, driven by increased momentum in the second quarter. Repair and energy bills, wages and business rates rose sharply, adding £45 million to costs in the first 25 weeks. First-half profits are likely to be lower than in the comparable prior period. The company currently anticipates a full-year trading outcome slightly below FY25 if current sales momentum continues. Shares fell 7% in early trading. The company plans to provide updates as the financial year progresses.
Read at London Business News | Londonlovesbusiness.com
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