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New pubs and price hikes at Wetherspoon
JD Wetherspoon confirmed plans were on track to open around 50 new venues over the next year as the pub operator announced a 7.3% total sales increase during its first quarter.
It also emerged that the chain increased drink prices by an average of 3-4% last month as a result of the higher prices charged by its main alcohol suppliers.
However, Wetherspoon chairman Tim Martin noted that as managers take responsibility for setting their own prices, this increase may not be passed on across all of the 780 branches.
The company released a statement saying: “Our sales, profit and cashflow continue to be resilient and the performance of our recently opened pubs remains encouraging.”
Although admitting that higher interest charges would “adversely affect profits in the first half of the financial year,” Wetherspoon maintained confidence in a “reasonable outcome for the year as a whole,” thanks to its ongoing investment in new and existing pubs.
Gabriel Savage, 09.11.2010