JD Wetherspoon (JDW), the high street managed retailer, has this morning announced a like-for-like sales growth of 0.5% for the 13 weeks to 26 April 2009.
It said for the year-to-date, or 39 weeks, its LFLs were up 1.4% and total sales had increased by 5.9%. Total sales for the 13 week period rose by 4.7%.
The company, which was founded by Tim Martin, said that that operating margins before exceptionals remained at 10% for the third quarter.
The group has also managed to reduce its debt by £18m since it announced its interims and were £30m lower on 26 April than the same point last year.
In a statement JDW said: “Our sales, profit and cash flow have been resilient. The combination of improved costs, lower interest charges and reduced capital expenditure on new openings is anticipated to be beneficial for future prospects.
“We are therefore slightly more positive regarding the company's prospects for the current financial year. “
The financial year so far has seen the opening of 28 new pubs. 38 new sites are now expected to open this financial year.
