J D Wetherspoon (JDW) Q3 2026 TU earnings summary

Executive summary

• Like-for-like sales rose 3.4% in the 13 weeks to 26 April 2026 compared to the same period last year.

• Year-to-date like-for-like sales increased by 4.3%, with total sales up 4.9% YTD.

• Eight pubs opened and eight sold YTD; 13 new franchised pubs opened.

Financial highlights

• Total sales increased by 4.1% in the quarter and 4.9% YTD.

• 3,845,754 shares repurchased for cancellation at an average price of £6.80 per share.

• Purchased freehold reversions of four pubs for £12.2 million.

• Year-end net debt expected between £740 million and £760 million.

• Interest costs for the year estimated at £47 million, consistent with FY25.

Outlook and guidance

• Sales growth outperformed the NIQ RSM Hospitality Business Tracker for the 43rd consecutive month in March 2026.

• Pipeline includes major new openings at key UK transport hubs.

• Substantial cost increases may result in profits slightly below market expectations.