Pub chain JD Wetherspoon said sales for the last seven weeks were 14.9% higher than the same period last year as it swung to a half-year profit despite “ferocious” inflationary pressures.
The company on Friday posted a pre-tax profit of £4.6m for the 26 weeks to January 29, compared to a £26.1m loss in 2022.
“Having experienced a substantial improvement in sales and profits, compared to our most recent financial year, and with a strengthened balance sheet, compared both to last year and to the pre-pandemic period, the company is cautiously optimistic about further progress in the current financial year and in the years ahead,” Wetherspoons said.
“Inflationary pressures in the pub industry, as many companies have said, have been ferocious, particularly in respect of energy, food and labour. The Bank of England, and other authorities, believe that inflation is on the wane, which will certainly be of great benefit, if correct.”
Reporting by Frank Prenesti for Sharecast.com
