J D Wetherspoon (JDW) Q1 2026 TU earnings summary

Executive summary

• Like-for-like sales rose 3.7% in the first 14 weeks of the financial year compared to the same period last year, with bar sales up 5.7%, food up 0.9%, and slot/fruit machines up 8.9%.

• Total sales increased by 4.2% year-to-date.

• Outperformed the industry for 37 consecutive months, with September LFL sales at +3.4% versus industry +0.2%.

Outlook and guidance

• Management expresses caution for the remainder of the year due to the upcoming Chancellor's Budget statement.

• Continued sales momentum is noted, but inflation and energy prices remain concerns.

Segment performance

• Hotel room sales declined by 6.3% year-over-year.

• Eleven pubs now operate as franchises, with three new franchised pubs opened year-to-date and a total of 15 expected by year-end.

• Four new pubs opened year-to-date, with a plan for 15 total new openings in the financial year.