JDW like-for-like sales up 5%

The pub giant reported total sales of £1.7m for the 52-week period, ending 29 July 2018.

Like-for-like bar and food sales both saw an increase on the previous year, with bar sales rising by 5.% and food sales by 5.1%. Hotel room sales saw an increase of 2.3%.

The chain has managed to revive slot and fruit machine sales, reporting a 2.9% increase, in comparison to a 1.2% decrease in 2017.

Revenue up

It reported an increase in revenue, up to £1.69m from £1.66m in 2017, and in operating profit before exceptional and non-underlying items, up to £132.3m from £128.5m.

Tim Martin, the chairman of JD Wetherspoon, used the publication of the figures to again advocate for ‘tax equality’​ between supermarkets and pubs.

The pubco reported it had paid total taxes of £728.8m for the period, a £34.2m increase on the figure for the previous year. The figure represents around 43% of the chain’s sales, and means an average payment per pub of £825,000 each year.

Martin added: “Like-for-like sales in the six weeks to 9 September increased by 5.5%.

'Reasonable start'

“The company has had a reasonable start to the financial year, but taxes, labour and interest costs are expected to be higher than those of last year, so we estimate that like-for-like sales growth of about 4.0% will be required for the company to match last year’s record profits.”

Food and drinks prices "may have to go up a bit", Martin explained in an interview with the BBC.

Martin spoke against EU import tariffs and urged the adoption of a free-trade policy when the country leaves the EU next spring.

He said there would be “a huge gain for business and consumers” if the UK cut the taxes and operated similarly to countries like Singapore, Australia, and Canada. The chairman said abolishing tariffs would reduce​ prices for shops and pubs, and encourage trade from outside the EU.

He previously issued his support for a Brexit ‘no-deal’​, and again said a rejection of the Government’s proposal would be beneficial.