- The pub chain reported that like-for-like sales have risen 8.3% so far this year.
- that trade was affected by a holiday weekend that took place a week later
JD Wetherspoon expects full-year profits to be at the “upper end” of market forecasts amid growing demand for Guinness and vodka among younger customers.
The pub chain reported that like-for-like sales have risen 8.3 per cent so far this year and 5.2 per cent in the 13 weeks to April 28.
While the quarterly performance represented a slowdown in sales, the firm noted that trading was affected by a holiday weekend that took place a week later than last year.
Youth quake: Among younger drinkers, Sir Tim Martin said there was growing demand for the iconic Guinness stout, which Martin said was “previously consumed by blokes my age”.
Wetherspoon chairman and founder Sir Tim Martin noted “growing momentum” for traditional beers, particularly Abbot Ale, Ruddles Bitter and Doom Bar.
Among younger drinkers, he said there was growing demand for the iconic Guinness stout, which Martin said was “previously consumed by blokes my age”.
They are also buying large quantities of Au Vodka, a gold-bottled Welsh brand endorsed by DJ Charlie Sloth, and XIX Premium Vodka, founded by YouTube group Sidemen.
Martin further said that sales of Lavazza coffee are increasing, helped by free refills which are “believed to be responsible for spontaneous displays of breakdancing among retired customers”.
The outspoken boss, knighted in the most recent New Year’s honors list, also noted that New Zealand’s Villa Maria Sauvignon Blanc wine was popular with “representatives of the chattering classes”.
“Sales during the period continued the steady recovery from the pandemic,” added Martin, a leading critic of the UK government’s lockdown policies.
Founded in 1979, Wetherspoon is one of the UK’s largest pub operators, with 809 establishments across the British Isles.
He told investors he recently opened two pubs and sold or handed over 18 other establishments to the landlord.
Victoria Scholar, chief investment officer at Interactive Investor, said: “Wetherspoons has shown that customers still enjoy visiting its pubs and are still willing to spend despite cost of living pressures.”
‘This is due to their low prices and long opening hours, which separate their pub chains from the competition.
“Price-sensitive customers may be cutting back on spending at more expensive restaurants and bars, but opting for cheaper drinks instead, which favors Wetherspoons.”
JD Wetherspoon Stock They rose 2.9 per cent to 748.5p on Wednesday morning, making them one of the five biggest risers on the FTSE 250 index, although they remain below pre-pandemic levels.