Pub chain JD Wetherspoon has revealed slowing sales and said it was facing “substantially higher” costs across the group. The firm said like-for-like sales dropped 1.1% in the five weeks to November 6 when compared with pre-pandemic trading in 2019, having risen by 1.5% in the previous nine weeks.
Compared with a year ago, sales rose 10.1% in the first nine weeks of its financial year and were 8.9% higher in the past five weeks. It said trading was “broadly” in line with its expectations but that October had been a slower month.
“Costs, especially in respect of labour, food and repairs, were substantially higher” in its first quarter, the group said. Wetherspoon chairman Tim Martin said the firm remains “cautiously optimistic” despite the cost pressures hammering the hospitality sector.
He said he previously set out “various threats to the hospitality industry and these continue to apply”.
“Those caveats aside, in the absence of further lockdowns or restrictions, the company remains cautiously optimistic about future prospects.”
