JD Wetherspoon plc Reports Sales Result for the Second Quarter and Year to Date Ended January 13, 2013; Provides Earnings Guidance for the First Half Year Ending January 27, 2013; Announces Expansion Plans Fiscal Year 2013
In the year to date, to 13 January 2013, like-for-like sales increased by 7.6% and total sales increased by 11.2%.
The company provided earnings guidance for the first half year ending January 27, 2013. The company expects the operating margin for the half year ending 27 January 2013 to be around 8.2%, approximately 1.1% lower than the last financial year, due to slightly higher than expected increases in costs in areas such as tax, utilities, labour and bar and food supplies, combined with increased marketing costs. The company anticipates the company's corporation tax rate for this financial year to be around 27.5%.
The company has opened 5 new pubs so far this financial year and currently have 12 sites under development. In line with previous estimates the company intend to open approximately 25 pubs in the current financial year.