JD Wetherspoon Reports Rise In Comparable Sales
British pub operator JD Wetherspoon Plc has reported a higher comparable sales for the 10 weeks that ended on July 7.
The company's like-for-like sales increased 6.9% during the 10 weeks and total sales were up 6.6%.
Surge In Costs And Rising Debt Levels
Wetherspoon, which operates 900-odd pubs in Britain and Ireland, has been seeing a surge in costs because of rising wages and property prices.
Initially called Martin's Free House, it has also been spending to upgrade facilities at its older pubs. The efforts come even as the company faces rising debt levels.
Net debt at the end of the financial year that ends on July 28 is expected to be approximately £745 million, the company said, which is £5 million more than its prior estimate in May.
To keep a check on cost related to rent, Wetherspoon spent £71 million on buying the freeholds of pubs of which it was previously the tenant.
Wetherspoon said it expects to incur non-cash losses of approximately £3 million in the current fiscal year as a result of disposals of underperforming pubs.