Business
Q3 Trading update
Q3 Trading update.
About this update from J D Wetherspoon Plc
[{"type":"text","content":"\n\n10 May 2023\nJ D WETHERSPOON PLC\nQ3 Trading Update\nJ D Wetherspoon plc ('J D Wetherspoon' or 'the Company'), announces its Q3 trading update for the 13-week period up to 30 April 2023.\n \nCurrent Trading\n \nLike-for-like sales increased by 9.1% in the 13 weeks to 30 April 2023, compared to the same period in the last full financial year before the pandemic, which ended on 28 July 2019 (FY19). Year-to-date (YTD) sales increased by 6.4% compared to the same year.\n \nSales in Easter week were the highest-ever for the company - and sales in the current financial year are likely to be a record.\n \nCompared to FY22, like-for-like sales increased by 12.2% in the third quarter and by 12.7% YTD.\n \nThe last two weeks have included bank holiday weekends. The first weekend, a May bank holiday, was exceptionally strong, including our busiest-ever Saturday.\n \nThe second weekend, relating to the Coronation, was slightly less strong, with a noticeably quiet Saturday, possibly benefitting sales in the off-trade (mainly supermarkets) more than the on-trade (mainly pubs, clubs and restaurants).\n \nEmployment and Taxes\n \nThe company employed 42,839 people as at the end of the third quarter, an increase of 940 compared to the year-end FY19.\n \nWetherspoon, its customers and employees generated £764 million of taxes in FY19, approximately one pound in every thousand collected by the government in that year. For details, please see appendix 1 below.\n \nSince sales in the current year are likely to be at record levels, taxes are also likely to be at a record high.\n \nThe employment and tax contribution of the hospitality industry to the UK economy is often underestimated, or ill-understood, by the political powers-that-be. In fact, the industry contributes far more in both areas than other, perhaps more glamorous, businesses.\n \nStaff Retention\n \nIn order to encourage staff retention, especially important in the hospitality industry, the company has, for many years, offered free shares, subject to a qualifying period, and monthly financial bonuses, to all employees. Information in this area is provided in an extract from our interim results, in appendix 2 below.\n \nFood Hygiene Ratings\n \nAs we also reported in our interim results, we now have 769 pubs r...