The J D Wetherspoon plc (LON: JDW) share price rose 2.72% after releasing a trading update for the 14 weeks to November 5, 2023, its fiscal Q1. The company noted that like-for-like (LFL) sales during the first 14 weeks of the fiscal year showed a remarkable 9.5% increase compared to the same period in the previous year.
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Notable increases were observed in various segments, with bar sales surging by 10.7%, food sales by 8.2%, and slot/fruit machines revenue by 10.0%. Hotel room sales also experienced growth, rising by 6.2%. In total, sales for the year-to-date period have grown by 8.1%.
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J D Wetherspoon’s performance has outshone the industry, as indicated by the “Coffer CGA Business Tracker,” which reports monthly LFL sales for several multi-outlet pub and restaurant companies. In the most recent available data for September, the tracker reported industry LFL sales growth at +5.9%, while Wetherspoon recorded an impressive +9.4%.
In October 2023, a survey by Which? among 4,611 members and the general public ranked Wetherspoon Hotels as the 4th best among all leading UK hotel chains (those with more than 31 hotels) for value.
Wetherspoon received an impressive overall customer score of 73%, surpassing renowned hotel chains like Sofitel, Hilton, Marriott, Radisson Blu, and others.
On August 22, 2023, the company divested all existing interest rate swaps, resulting in proceeds of £14.8 million. Simultaneously, the company locked in interest rates for £200 million of borrowings from August 23, 2023, to February 6, 2025, at a rate of 5.665%.
On September 25, 2023, the company secured interest rates for £400 million of borrowings from February 6, 2025, to February 6, 2028, at a rate of 4.225%.
During the quarter, JD Wetherspoon inaugurated a new pub at London’s Heathrow Airport. Additionally, four pubs were divested, and six leasehold pubs were returned to the respective landlords. The company currently manages a trading estate comprising 816 pubs.
JD Wetherspoon included an entire appendix on some of the urban myths associated with the pub chain that are not true.
Tim Martin, Wetherspoon chairman, said: “Sales in the first 14 weeks of the financial year have continued the pattern of gradual improvement which has followed the ending of lockdowns and restrictions. Inflationary pressures have eased, but energy costs, in particular, remain at far higher levels than pre-pandemic, putting pressure on suppliers and the wider economy.”
JD Wetherspoon (JDW) share price.
JD Wetherspoon’s share price rose 2.72% to trade at 698.3p from Tuesday’s closing price of 679.8p.
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