Wetherspoon Posts Strong Holiday-Quarter Sales
Pub operator JD Wetherspoon has posted a 4.7% increase in its like-for-like sales for the second quarter, joining peer Mitchells & Butlers in reporting strong performance during the key holiday season.
While pub operators and restaurant chains have suffered due to steep costs on the back of higher wages and energy bills, Britons have ventured out to Wetherspoon's outlets for drinks, especially its pink gin, helping cushion other headwinds.
The festive season has also provided some respite to the beaten-down sector, with Mitchells & Butlers also marking a solid update for the period encompassing Christmas and New Year holidays.
Wetherspoon said that like-for-like sales in the fiscal year to date climbed 5% and that it expects a trading outcome in line with its previous forecast.
The company laid out a plan in December to create more than 10,000 jobs over the next four years as it looks to invest approximately £200 million in launching more outlets in Ireland and the UK.
Wetherspoon said that it intends to open another 10-15 outlets and expects to spend nearly £80 million pounds this year on new pubs and extensions.