Sees FY profits in line with market expectations (Il Sole 24 Ore Radiocor) - London, 10 Jul - The UK pub chain J D Wetherspoon said that like-for-like sales increased by 5.8% in the 10 weeks to July 7, compared to the same period last year. Year-to-date, like-for-like sales increased by 7.7%.

In the year-to-date, the company has opened two pubs and sold or surrendered to the landlord 26 pubs. "Most of the disposals were smaller and older, or where the company has a second pub in reasonably close proximity," it added.

There was a net cash inflow of 8.7 million pounds from the disposals.

It noted that 10 trading pubs remain on the market, or are under offer. The company currently has a trading estate of 801 pubs.

The company estimates that net debt will be approximately 670 million pounds at the financial year end.

"The gradual recovery in sales and profits, following the pandemic, has continued in the current financial year. Total sales are, again, at record levels, with fewer pubs," said the chairman, Tim Martin.

"The company continues to expect profits in the current financial year to be in line with market expectations," he added.

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(RADIOCOR) 10-07-24 08:40:52 (0156) 5 NNNN