JDW clocked up yet another strong quarter. Although lfl sales growth moderated in the quarter, the YTD performance was slightly ahead of our estimates. We expect Q4 lfl sales growth in line with that of Q3 (largely driven by the business holiday impact, FIFA World Cup and improved weather conditions). As stated earlier, FY17/18 profitability is likely to be down by 20bps owing to high labor expense, the sugar tax and business rates. No change to our stock recommendation.
29 May 2018
Strong Q3 results
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Strong Q3 results
J D Wetherspoon plc (JDW:LON) | 738 0 0.0% | Mkt Cap: 912.9m
- Published:
29 May 2018 -
Author:
Nishant Choudhary -
Pages:
3
JDW clocked up yet another strong quarter. Although lfl sales growth moderated in the quarter, the YTD performance was slightly ahead of our estimates. We expect Q4 lfl sales growth in line with that of Q3 (largely driven by the business holiday impact, FIFA World Cup and improved weather conditions). As stated earlier, FY17/18 profitability is likely to be down by 20bps owing to high labor expense, the sugar tax and business rates. No change to our stock recommendation.