TIDMJDW 
 
RNS Number : 9068L 
Wetherspoon (JD) PLC 
20 January 2009 
 

JD WETHERSPOON PLC 
20 January 2009 
PRE-CLOSE STATEMENT 
 
 
JD Wetherspoon plc ("JD Wetherspoon" or the "Company") announces an update on 
current trading prior to entering its close period for its interim results for 
the six months ending 25 January 2009, which are expected to be announced on 13 
March 2009. 
 
 
Current Trading 
 
 
For the first 12 weeks of the second quarter (to 18 January 2009), like for like 
sales increased by 2.6%, compared to 1.5% growth in the first quarter (to 26 
October 2008). In the year to date (25 weeks to 18 January 2009), like for like 
sales have increased by 2.0% and total Company sales, including recently opened 
pubs, increased by 6.5%.  For the 6 week Christmas trading period (from 1 
December 2008 to 11 January 2009), like for like sales growth was 3.7%.  Sales 
in the last two weeks of trading to 18 January 2009 have shown LFL increases of 
6.4% 
 
 
We expect operating margins for the half year ending 25 January 2009 to be 
approximately 1% lower than the same period last year and in line with those in 
the second half of last year. 
 
 
Financing 
 
 
The Company remains in a sound financial position.  The strength of our cashflow 
is demonstrated by a reduction in our borrowings of approximately GBP20m over 
the last twelve months, after accounting for the opening of 34 new pubs, paying 
dividends of GBP17m, and funding GBP6m of share buybacks. 
 
 
The Company's US$140m private placement is due for renewal in September 2009. In 
the light of current uncertainty in the credit markets, the Board has decided to 
reduce substantially capital expenditure on new openings and to cancel future 
dividend payments in order to ensure the repayment of the private placement from 
cash flow and existing facilities.  In normal conditions, a refinancing of the 
private placement on attractive terms could be relied upon, given our financial 
performance. However, in the present economic climate, a refinancing cannot be 
taken for granted and the Board therefore feels that the measures described 
above are prudent in the circumstances. We will continue to monitor the 
situation. 
 
 
Property 
 
 
We have opened 21 new pubs so far this financial year and disposed of one pub, 
bringing the current number of pubs to 714. We anticipate opening a further 12 
pubs by July 2009. A considerable number of new openings this year have been 
purchased from receivers and both rents and development costs are substantially 
lower than historic trends. 
 
 
Outlook 
 
 
Our sales performance and cash flow have proved to be extremely resilient in the 
current economic environment and a number of cost increases experienced during 
2008 are starting to abate. For example, the Company has recently agreed a new 
electricity supply contract from February to September 2009, which is 
approximately half the rate per megawatt of the previous contract from October 
2008 to January 2009. As a result of these encouraging circumstances, we remain 
confident of the Company's prospects for the financial year ending July 2009. 
 
 
 
 
Enquiries: 
Keith Down      Finance Director        01923 477777 
John Hutson    Chief Executive         01923 477777 
Eddie Gershon       Company Spokesman    0208 352 5012/07956 392234 
 
 
Visit our web site at www.jdwetherspoon.co.uk 
 
 
Notes to editors 
 
 
  1.  JD Wetherspoon owns and operates pubs throughout the UK. The Company aims to 
  provide customers with good-quality food and drink, served by well-trained and 
  friendly staff, at reasonable prices. The pubs are individually designed and the 
  Company aims to maintain them in excellent condition. 
  2.  Visit our website www.jdwetherspoon.co.uk 
  3.  This announcement has been prepared solely to provide additional information to 
  the shareholders of JD Wetherspoon, in order to meet the requirements of the UK 
  Listing Authority's Disclosure and Transparency Rules. It should not be relied 
  on by any other party, for other purposes. Forward-looking statements have been 
  made by the directors in good faith using information available up until the 
  date that they approved this statement. Forward-looking statements should be 
  regarded with caution because of inherent uncertainties in economic trends and 
  business risks. 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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