Sales Rise Boosts Wetherspoons
Pub chain JD Wetherspoon, which announced in March plans to hike its prices in Ireland following a dip in the first-half pre-tax profits, has seen a spike in sales but a drop in operating profit in its latest results.
Shares were up three per cent, or 20.5p, to 700p, yesterday after the company reported that like-for-like sales had increased 3.8% in its third quarter, with total sales are up by 5.5%.
However, operating margin has fallen from 7.5% to 6.4% compared to the same period last year, with the company citing wage increases for its hourly-paid staff as one of the chief reasons for the dip.
This financial year has seen Wetherspoons opening eight new pubs, while it has closed 19. The chain aim to open 16 new pubs by the end of the year.
In March, JD Wetherspoon's plans for a new €4m pub and hotel on Camden Street in Dublin were halted after Dublin City Council requested that the UK-based pub chain provide more information about its plan for the new establishment.