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Opening Quote: JD Wetherspoon reaps strong summer harvest

Summary:
JD Wetherspoon reaps strong summer harvest. FT Opening Quote is your early Square Mile briefing. You can sign up for the full newsletter here. JD Wetherspoon posted a rise in its annual profits and sales, helped by a “very strong” summer holiday season.Like-for-like sales, a key industry metric, climbed 4 per cent in the fiscal year to July 30, narrowly beating analyst expectations of 3.9 per cent.Overall the pub operator’s revenues climbed to £1.66bn, from £1.6bn, with pre-tax profits rising 15.6 per cent to £76.4m. Excluding exceptional items, profits would have been £102.8m. Gains were sharpened by an extra week in the fiscal year.In contrast to rival Greene King, which had said its late summer was weighed down by bad weather, Wetherspoons said that it had an upbeat season, and that

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JD Wetherspoon reaps strong summer harvest. FT Opening Quote is your early Square...

Siona Jenkins
Former Cairene; FT Middle east news editor. Views my own.

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