J D Wetherspoon (JDW) Trading update summary

Trading performance

• Like-for-like sales rose 4.7% in the first 25 weeks, with bar sales up 6.9%, food up 1.3%, and slot/fruit machines up 9.1%.

• LFL sales in the last 12 weeks increased 6.1% year-on-year, and Christmas period LFL sales were up 8.8%.

• Total sales year-to-date grew by 5.3%.

Financial position and outlook

• Interest costs for FY26 are expected to be around £47 million (excluding IFRS 16), with total annual interest at about £60 million.

• Year-end debt is projected between £740 million and £760 million.

• Profits in the first half are likely to be lower than the previous year due to higher costs, including a £45 million increase in energy, wages, repairs, and business rates.

• Full-year trading outcome is anticipated to be slightly below FY25 if current sales trends persist.

Property and expansion

• Six new pubs opened and six sold year-to-date, resulting in a net cash inflow of £3.3 million.

• 15 new pub openings are expected for the year, with 794 pubs in the managed estate.

• Eight franchised pubs opened, with 10-15 more planned, including the first in mainland Spain.