British pub chain JD Wetherspoon posted a 3 per cent rise in full-year profit and said it expected a "reasonable" outcome for the current year after seeing an improvement in like-for-like sales in the first six weeks.
The firm, which has grown to over 900 pubs on demand for promotions like curry clubs and ‘beer and a burger’ bargains, said on Friday adjusted pretax profit for the year to July 27th was £79.4 million, just beating market expectations of £ 77.3 million.
Initiatives such as menu improvements and longer opening hours, as well as new openings, helped revenue grow 10 per cent to £1.4 billion, with sales at pubs open over a year up 5.5 per cent.
Like-for-like sales in the six weeks to September 7th increased by 6.3 pe rcent, it said.
JD Wetherspoon opened its first pub in the Republic, the Three Tun Tavern, in Blackrock, Co Dublin, in July. The chain plans to open 30 outlets across the State and has secured pubs in Cork, and Dún Laoghaire and Swords, in Dublin.
Reuters
