Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

UK’s J D Wetherspoon returns to profit as supply issues ease

by Staff GBAF Publications Ltd
0 comment

(Reuters) -British pub group J D Wetherspoon Plc on Friday posted a return to half-year profit and said sales in recent weeks have topped pre-pandemic levels.

“Supply or delivery issues have largely disappeared, for now, and were probably a phenomenon of the stresses induced by the worldwide reopening after the pandemic,” Chairman Tim Martin said in a statement.

Martin said he was “cautiously optimistic” on the company’s outlook for the year and the years ahead.

British inflation unexpectedly rose to 10.4% in February, pushed up by higher food and drink prices in pubs and restaurants.

“We expect 2023 to be a grind for pubs, with companies and consumers facing cost headwinds and a sluggish economy,” analysts at Stifel said in a note.

The pub chain, sometimes referred to “‘Spoons”, is priced lower than others in Britain. Its shares were up 4% in early trade.

It reported a half-year profit of 4.6 million pounds ($5.7 million) versus a loss of 21.3 million in a year earlier.

It said sales in the seven weeks to March 19 were 9.1% above 2019 levels and 14.9% above a year earlier.

($1 = 0.8149 pounds)

(Reporting by Radhika Anilkumar in Bengaluru; editing by Rashmi Aich and Jason Neely)