The company's shares take a tumble as it kills off hopes of a return to the black for the year to the end of July, reporting that cost pressures and investment have combined with weaker-than-hoped-for sales to hit its bottom line.
Wetherspoon said it was spending on wages to"strengthen our position" for the new financial year ahead.
"Large numbers of people, as has been widely reported, have left the workforce, mainly through early retirement. The 'fear factor', used by governments to encourage compliance with lockdowns and restrictions, has also had lingering after-effects, with many people remaining cautious about leaving their homes," he wrote.Matt Britzman, equity analyst at Hargreaves Lansdown, said:"The booming rebound in pub sales Wetherspoon's was hoping for hasn't quite panned out, with sales just about in touching distance of pre-pandemic levels.
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