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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  J D Wetherspoon plc    JDW   GB0001638955

J D WETHERSPOON PLC

(JDW)
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J D Wetherspoon : Wetherspoons says sales still well down as it appeals for further VAT aid

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08/24/2020 | 05:49am EDT
FILE PHOTO: Outbreak of the coronavirus disease (COVID-19), in London

British pub operator J D Wetherspoon said on Monday its sales were still down sharply year-on-year despite help from the government's subsidised meal scheme, and called for tax relief for the hospitality sector to be extended.

The company forecast a loss for the year and said it was looking to seek waivers on its loans as it dealt with the financial fallout of months of coronavirus-driven pub closures and subsequent social distancing measures.

Sales have been helped by the government's "Eat out to help out" discount scheme, offering half-priced meals from Monday to Wednesday, it said, and by the addition of extra seating outside. However they were likely to fall further as the scheme winds down, Wetherspoon said, adding that the government should maintain lower value-added tax (VAT) on meals.

Britain temporarily cut VAT on spending on hotels, restaurants and tourist attractions last month to 5% from 20% to boost demand for services hardest hit by the COVID-19 lockdown.

"If this major step towards tax equality is maintained in the long term, it will result in a significant increase in investment and employment in the on-trade," the company said.

Shares were up 1.6% at 988.5 pence by 0755 GMT.

"What really matters now is how the business fares without the sales incentive and if it can avoid pushing up prices to help claw back some of the lost revenue from earlier this year," AJ Bell investment director Russ Mould said.

"It cannot afford to upset customers who are already in a fragile state of mind."

Wetherspoons said supermarkets had sucked up much of the pub industry's food and beer trade in the crisis.

The company, whose cheaply priced pubs are a fixture in British towns and cities, said earlier this month it will slash up to 130 jobs at its head office and scale back its expansion plans.

Wetherspoon said 844 of its 873 pubs were now open and that like-for-like bar and food sales were down 16.9% in the 44 days to Aug. 16.

By Tanishaa Nadkar


Stocks mentioned in the article
ChangeLast1st jan.
AJ BELL PLC 0.61% 415.5 Delayed Quote.-3.15%
J D WETHERSPOON PLC -1.45% 850 Delayed Quote.-48.89%
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Financials
Sales 2021 1 562 M 2 019 M 2 019 M
Net income 2021 14,1 M 18,2 M 18,2 M
Net Debt 2021 944 M 1 220 M 1 220 M
P/E ratio 2021 37,9x
Yield 2021 0,59%
Capitalization 1 006 M 1 299 M 1 301 M
EV / Sales 2021 1,25x
EV / Sales 2022 0,96x
Nbr of Employees 41 498
Free-Float 69,0%
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Technical analysis trends J D WETHERSPOON PLC
Short TermMid-TermLong Term
TrendsNeutralBearishNeutral
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 12
Average target price 1 009,83 GBX
Last Close Price 850,00 GBX
Spread / Highest target 51,8%
Spread / Average Target 18,8%
Spread / Lowest Target -16,5%
EPS Revisions
Managers
NameTitle
John Hutson Chief Executive Officer & Executive Director
Timothy Randall Martin Non-Executive Chairman
Martin Geoghegan Operations Director
Ben Whitley Director & Finance Director
David Capstick Director-Information Technology & Property
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