JD Wetherspoon confident as sales rise

14th Jul 2010 07:07

Budget pub group JD Wetherspoon reported a 1% rise in like-for-like sales in the 11 weeks to July 11 and said it was confident of a resilient future performance despite economic worries.Wetherspoon, which has recently been moving away from its traditional role as a pub to compete with the likes of Starbucks by selling takeaway teas and coffees, saw overall sales climb by 5.8%. It has opened 41 pubs so far this year and disposed of two.In the financial year to date (50 weeks to July 11) Wetherspoon said like-for-like sales climbed by 0.1%, while overall sales climbed by 4.4%.'Our sales, profit and cashflow continue to be resilient and the performance of our recently opened pubs is encouraging,' the company said. 'In addition, as previously indicated, we continue to believe there are substantial opportunities for us to acquire sites at reasonable prices.'Looking to the future, Wetherspoon said: 'Although our interest charges next year will be higher and the economy has taxation and employment pressures, the Company is confident of a resilient performance for the next financial year.'