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(Alliance News) - Shares in JD Wetherspoon PLC faced selling pressure on Wednesday after the pub chain said it is struggling to hit pre-pandemic levels as trends show that older customers are still staying home.
Wetherspoon shares fell 3.7% to 991.38 pence each in London on Wednesday morning.
The Watford, England-based pub and hotel operator said like-for-like sales for the first 15 weeks to November 7 were 8.9% lower than the record sales achieved in the same period in 2019.
Segmentally, bar sales were down 9.6%, food sales decreased 8.1%, slot machines sales fell 12%; however hotels saw an increase of 12%.
Wetherspoon noted that this was an improvement compared to an 18% fall in sales in the last 10 weeks of the previous financial year, ended July 25, when pubs reopened inside - although restrictions applied for most of that trading period.
Looking into the specifics of the sales, pub chain noted that the sale of drinks often consumed by younger customers was on the rise, for example cocktail sales were up 45%, vodka up 17% and rum up 26%. In contrast, draught products, more often consumed by older customers, have been under pressure, with sales of traditional ales down by 30% and stout down by 20%.
Food volumes have been hurt by some customers working from home, the firm said, with breakfasts down by 22% and coffee down by 30%.
On supply chains issues, the company commented: "Wetherspoon has had some problems from time to time, but they have usually related to a minority of items, for which we have almost always been able to find alternatives. Overall stocking levels of bar and food products have been in line with previous years. The problems have eased in recent weeks, albeit that the busy Christmas period is yet to come."
It added that it has experienced minimal hiccups regarding recruitment, with the company receiving "a reasonable level of job applications".
Chair Tim Martin said that the company's outlook will depend "to some extent, on the outlook for the Covid-19 virus".
By Greg Roxburgh; gregroxburgh@alliancenews.com
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