JD Wetherspoon PLC - Watford, England-based pub chain - Says first-half results "may be loss-making or marginally profitable" due to the imposition of 'Plan B' restrictions in England to combat the spread of Covid-19. However, Wetherspoon comments: "The uncertainty, and the introduction of radical changes of direction by the government, make predictions for sales and profits hazardous." In its last trading update back in November, the pub chain had said older customers were "understandably cautious" in the face of warnings about the virus. Like-for-like sales in the 15 weeks to November 7 were 8.9% lower than in the same period of 2019.
"The repeated warnings and calls for restrictions, mainly from [the Scientific Advisory Group for Emergencies] members and academics, combined with arbitrary changes of direction from the government, invariably at short notice, affect customer sentiment and trade," says Wetherspoon Chair Tim Martin. "In effect, the country appears to be heading towards a lockdown by stealth."
Current stock price: 836.08 pence, down 3.6% on Monday
Year-to-date change: down 25%
By Tom Waite; thomaslwaite@alliancenews.com
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Wetherspoon (J.D) (JDW)
