JD Wetherspoon issues warning after ‘higher than anticipated’ costs
Wetherspoon boss reveals impact of rising costs
- JD Wetherspoon has issued a profit warning, stating that surging costs of £45 million in its first half will lead to lower profits.
- The pub chain’s boss, Sir Tim Martin, attributed the increased expenses to rising wages, energy, repairs, and business rates.
- First-half profits are expected to be lower year-on-year, with the full-year trading outcome also predicted to be slightly below the previous year.
- Despite the cost pressures, like-for-like sales grew by 6.1 per cent in the festive quarter, with an 8.8 per cent jump over the Christmas period.
- JD Wetherspoon is preparing to open its first mainland European establishment, the Castell de Santa Barbera, at Alicante airport in Spain on 9 February.