J D Wetherspoon plc Reports Sales Results for the Third Quarter Ended April 23, 2017; Provides Net Debt Guidance for the Financial Year 2017 and Sales Guidance for the Financial Year 2018
The company expects net debt at the end of financial year 2017 is now expected to be about £70 million higher than the level at the last financial year end, mainly as a result of expenditure on freehold reversions (pubs where the Company was previously the tenant) and share buybacks.
The company anticipates it will require like-for-like sales of about 3% to 4% in its next financial year 2018 to maintain profits at current levels.