Wetherspoon sees £60m hit from wage, NIC rises
By Frank Prenesti
Date: Wednesday 22 Jan 2025
(Sharecast News) - UK pub chain Wetherspoons said increases in the minimum wage and employer national insurance contributions would cost £60m as it reported a 5.1% jump in like-for-like sales in the 25 weeks to January 19.
Bar sales increased by 4.5%, food by 5.6% and slot/fruit machines by 11.7%. Hotel room sales fell 6.5%.
Underlying sales for the second quarter of the financial year were 4.6% higher year on year, while over the Christmas period they increased 6.1%.
Wethersppons opened two new pubs and sold six in the first half of the year and plans to open a total of nine pubs over the fiscal 12 months.
"The company is confident of a reasonable outcome for the year, although forecasting is more difficult, given the extent of the increased costs," said chairman Tim Martin.
Reporting by Frank Prenesti for Sharecast.com
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