UK pub operator Wetherspoon’s loss narrows regardless of greater prices By Reuters

(Reuters) -British pub operator J D Wetherspoon’s annual loss narrowed from a yr in the past, whilst the corporate battled hovering power and labour prices.

Pub teams in Britain, nonetheless reeling from the COVID-19 pandemic, are actually grappling with rising prices of all the pieces from labour and elements to power, and the specter of decrease shopper spending as inflation within the nation continues to soar.

Final week, its rival Mitchells & Butlers additionally warned of tighter margins in its new monetary yr on greater prices.

Wetherspoon’s outcomes additionally come after it mentioned earlier this yr that greater prices of labour and repairs have been hurting its backside line.

On Friday, the corporate reported a lack of 30.4 million kilos ($33.96 million) for the 12 months ended July 31, in contrast with 154.7 million loss final yr.

“Maybe the most important risk to the hospitality business is the potential of additional lockdowns and restrictions” Chairman Tim Martin mentioned.

Like for like gross sales for the primary 9 weeks of the monetary yr was 10.1% greater than the identical interval final yr, the corporate mentioned.

($1 = 0.8951 kilos)