Wetherspoon heading for full-year loss as sales slide
JD Wetherspoon has warned that the coronavirus crisis will drag it to an annual loss after sales plunged following its reopening last month.
The pub chain told investors that like-for-like bar and food sales are down 16.9 per cent for the 44 days to 16 August, compared to the same period last year.
The group said it had now reopened 844 of its 873 pubs, after shutting all sites in March as a result of the virus.
Founder Tim Martin said the sales slump means that the firm expects to post a loss for the year to 26 July.
“Sales have gradually improved, with a rapid acceleration recently, largely due to subsidised food, coffee and soft drinks in the early part of the week,” the company said in a statement. It added that sales have also been boosted by an increase in outdoor seating.
However, in its trading update, the firm stressed that its expects a “period of more subdued sales” once the Eat Out to Help Out scheme closes at the end of August.