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Investing.com -- JD Wetherspoon (LON:JDW) on Wednesday reported like-for-like sales growth of 5.1% for the first 12 weeks of its fourth quarter, maintaining consistent momentum as it approaches its July year-end.
The pub chain said year-to-date like-for-like sales also increased by 5.1%, continuing the trend seen in the previous quarter when sales rose 5.6% for the 13 weeks to April 27.
Despite facing increased wage costs of approximately £60 million annually due to UK Budget changes effective from April 1, Wetherspoon expects profits to align with current market expectations for fiscal year 2025.
The company has benefited from favorable weather conditions in recent weeks.
Market consensus estimates for FY25 project operating profit of £140 million and profit before tax of £77 million.
Wetherspoon has opened three new pubs and sold nine during the current fiscal year, bringing its total estate to 794 locations.
The company announced plans to accelerate expansion in FY26, with 15 owned pubs and 15 franchised establishments scheduled to open.
Year-end net debt is expected to be £720 million, unchanged from the company’s third-quarter update. During the fiscal year, Wetherspoon has repurchased 10.6 million shares at an average price of £6.26.