In the face of economic uncertainty, Wetherspoons have carved out respectable sales growth in recent months and sales are now higher than before the pandemic.
In a material improvement in trading, Whetherspoons sales 9.1% grew in the seven weeks to 19th March 2023 compared to FY19.
Sales grew to 5% in the first half end January 2023, compared to 2019.
Higher food sales and revenue from slot machines were a significant element in their sales growth.
“This is a solid performance from Wetherspoons set against an exceptionally challenging trading backdrop. Like-for-like sales have proved robust and have strengthened in the last 7 weeks, despite cost of living pressures on consumers,” said Wealth Club’s Charlie Huggins.
As has become customary with Wetherspoon trading updates, Tim Martin, the Chairman of J D Wetherspoon, took the opportunity to provide his views on Brexit and the impact on the UK economy.
“As reported last year, the company has a full complement of staff, although the labour market is competitive, with unemployment, in spite of economic problems, at approximately its lowest level in the last 50 or so years,” said Tim Martin.
“Supply or delivery issues have largely disappeared, for now, and were probably a phenomenon of the stresses induced by the worldwide reopening after the pandemic, rather than a consequence of Brexit, as many commentators have argued.”
“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.”