Like-for-like (LFL) sales in the first half of its financial year rose 2.1% on a year-on-year basis at pubs group JD Wetherspoon, but the group confessed that trading in the six weeks to 4th March has been disappointing, with LFL sales declining 0.7%.
"As previously stated, we expect the operating profit margin before exceptionals to decline in the second half of this financial year due to continuing cost increases, with the current quarter particularly affected. We are, therefore, slightly more cautious about the potential outcome for the current financial year," revealed Tim Martin, JD Wetherspoon's Chairman.
Revenue in the 26 weeks to January 22nd rose to £569.4m from £525.4m the year before. Profit before tax edged up to £33.2m from £32.2m a year earlier, below forecasts from Panmure Gordon (£33.9m) and Peel Hunt (£34.7m).
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