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JD Wetherspoon aims to triple breakfast and coffee sales | JD Wetherspoon aims to triple breakfast and coffee sales |
(about 3 hours later) | |
Pub chain JD Wetherspoon says it wants to triple its coffee and breakfast sales over the next 18 months. | Pub chain JD Wetherspoon says it wants to triple its coffee and breakfast sales over the next 18 months. |
The company is cutting the price of coffee and breakfast in a bid to capture a greater share of the daytime dining market. | The company is cutting the price of coffee and breakfast in a bid to capture a greater share of the daytime dining market. |
Wetherspoons is responding to increased competition from supermarkets, which are selling discounted drinks. | Wetherspoons is responding to increased competition from supermarkets, which are selling discounted drinks. |
The pub chain's pre-tax profits rose 4.1% in the first half of its financial year to £37.5m. | |
"Our profit was under pressure from areas which included increased competition from supermarkets and increased pay and bonuses for pub staff," said JD Wetherspoon chairman Tim Martin. | "Our profit was under pressure from areas which included increased competition from supermarkets and increased pay and bonuses for pub staff," said JD Wetherspoon chairman Tim Martin. |
Overall sales rose by 9% to £744.4m. | Overall sales rose by 9% to £744.4m. |
JD Wetherspoon's food sales rose 10.1% in the six months to 25 January. | JD Wetherspoon's food sales rose 10.1% in the six months to 25 January. |
Wetherspoons sells about 50 million coffees and 24 million breakfasts a year generating about £150m revenue. | |
To boost that further it plans to cut the price of coffee and breakfast by as much as 20%. | |
Its morning customers will pay 99p or less for a filter coffee with free refills in around 880 of its pubs. | |
"It is a growing market and we think it is time to up the ante," said Wetherspoon founder and chairman Tim Martin. | |
The move prompted a 4.5% drop in the share price to 775p. | |
"More discounting equals more downgrades," Numis analyst Douglas Jack said. | |
The pub chain, which employs 80% of its staff on zero-hours (no set hours guarantee) said that it has allocated £15.3m in bonuses and free shares to employees, up from £14m the previous year. | The pub chain, which employs 80% of its staff on zero-hours (no set hours guarantee) said that it has allocated £15.3m in bonuses and free shares to employees, up from £14m the previous year. |
It said that 83% of the bonuses and shares were paid to workers in its pubs. | It said that 83% of the bonuses and shares were paid to workers in its pubs. |