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Wetherspoon issues first-ever profits warning
JD Wetherspoon, the pub giant famed for its policies of not playing music and selling cheap beer seems to have finally succumbed to the industry downturn that has hit so many other operators.
The company issued its first-ever profit warning on 29 November, saying that in the four weeks to 24 November like-for-like sales increased by 3 per cent: food sales increasing 14 per cent and bar sales being level. If this trend continues, the statement says, profits are expected to be down 10 per cent on expectations.
On 5 November the company had reported like-for-like sales for the previous three months up 5.3 per cent with overall sales up by 23 per cent with profits rising in line with sales.
The statement also said that in the light of the majority of pub companies slowing or halting acquisition programmes, Wetherspoon expects to see pub property prices fall and so will be 're-negotiating all projects currently in the pipeline for which contracts have not been exchanged'.
Wetherspoon expects to open between 50 and 60 pubs next year - down from a predicted 80. Details: www.jdwetherspoon.co.uk
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