J D Wetherspoon (JDW) Q4 2025 TU earnings summary

Executive summary

• Like-for-like sales rose 5.1% in the 12 weeks to 20 July 2025, matching year-to-date growth compared to last year.

• Sales volumes have surpassed pre-pandemic levels, with notable growth in wine, spirits, draught beer, and food categories.

Financial highlights

• Year-to-date like-for-like sales increased by 5.1% compared to the same period last year.

• Anticipated year-end net debt is approximately £720 million, with £220 million headroom under existing facilities.

• 10,579,081 shares repurchased for cancellation at an average price of £6.26 per share.

Outlook and guidance

• Profits are expected to be in line with market expectations despite industry-wide tax and labour cost increases.

• Plans to open around 15 new managed pubs and a similar number of franchised pubs in the next financial year.

• Continued investment in staff rooms, branded glass racks, and gardens is planned.