J D Wetherspoon (LSE:JDW) posted like-for-like sales growth of 3.4% in the 13 weeks to 26 April, and said year-to-date like-for-like sales are up 4.3%.
Total sales increased 4.1% in the quarter and 4.9% year-to-date, and the pub operator, which owns and operates sites across the UK and Ireland, now runs 794 managed pubs and 21 franchised sites after opening eight and selling eight in the year-to-date, with 13 franchised openings.
In the year-to-date the company bought 3.85m shares for cancellation at an average price of £6.80, purchased freehold reversions of four pubs for £12.2m (taking total reversions spend since 2011 to £489m), and continues to anticipate year-end net debt of between £740m and £760m with interest costs of approximately £47m, in line with FY25.
"As many hospitality operators, including Wetherspoon, have reported, there have been substantial increases in costs, which may result in profits slightly below market expectations," the chairman Tim Martin said.
The current financial year comprises 52 trading weeks to 26 July.
