Earnings tumble at Wetherspoon’s despite sales rise



Profits at JD Wetherspoon tumbled in the first half of the year as rising sales failed to offset an increase in costs at the pub group.
Pre-tax profits in the six months to 27 January fell 18.9 per cent to £50.3 million as costs rocketed, especially labour, which increased by about £33m.
However, revenue rose 7.1 per cent to £889.6m and like-for-like sales were up 6.3 per cent in the period.
Chairman Tim Martin warned that costs would continue to rise in the second half.
He said: “As previously indicated, costs in the second half of the year will be higher than those of the same period last... read more

 
Friday, 09:05 in Business, Views: 53
Source: Scotsman
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