21 January 2015

Pre-Close Statement

J D Wetherspoon plc ('J D Wetherspoon' or the 'Company'), announces an update on current trading, before entering its closed period for its interim results, for the six months ending 25 January 2015, which are expected to be announced on 13 March 2015.

Current trading

For the first 12 weeks of the second quarter (to 18 January 2015), like-for-like sales increased by 2.8% and total sales by 6.8%. Like-for-like sales slowed to approximately 2% in December and have slowed further in the last fortnight. In the year to date (25 weeks to 18 January 2015), like-for-like sales increased by 4.6% and total sales increased by 9.1%.

We expect the operating margin (before any exceptional items), for the half year ending 25 January 2015, to be around 7.3%, 0.9% lower than the same period last year. This reduction is mainly due to an above-inflation increase in pay for staff and an increase in utility and supplier costs. In addition, gross margins are under pressure as a result, we believe, of increased price competition from supermarkets.

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Financial Calendar  
Q2 Interim Management Statement 21 January 2015
Interim Results 13 March 2015
Q3 Interim Management Statement 6 May 2015
Q4 Interim Management Statement 15 July 2015

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