JD Wetherspoon LFL sales up in H1, FY profits seen lower

(Sharecast News) - Pub chain JD Wetherspoon has posted a 4.7% rise in like‑for‑like sales in the 25 weeks to 18 January, but warned that full-year profits looked set to be lower than FY25 levels. Wetherspoons said on Wednesday that sales were up 6.9% year-on-year, with food sales rising 1.3% and slot and fruit machine revenue surging 9.1%. Hotel room sales were the only category to decline, edging 0.7% lower.

Like‑for‑like sales in the final 12 weeks of the period rose 6.1%, while total year-to-date sales were 5.3% higher. Over the main Christmas trading window, from 15 December to 4 January, like‑for‑like sales jumped 8.8%.

Wetherspoons said interest costs for FY26, excluding IFRS 16 notional interest, were expected to be around £47m, down from £49m a year earlier. Including IFRS 16, annual interest charges are set to be roughly £60m. Net debt at year‑end is forecast to land between £740m and £760m, compared with £724m in FY25.

However, looking ahead, Wetherspoons stated first-half profits would likely be lower year-on-year and cautioned that if the current sales momentum continues, it currently anticipates a full year trading outcome "slightly below that achieved in FY25".

Chairman Tim Martin said: "We are pleased with the sales growth in the financial year, and with the increased momentum in the second quarter. Costs have been higher than anticipated, with energy, wages, repairs and business rates, for example, increasing by £45m in the first 25 weeks.

"Profits in the first half are likely to be lower than the comparable period in the previous financial year. If the current sales momentum continues, the company currently anticipates a full year trading outcome slightly below that achieved in FY25."

Reporting by Iain Gilbert at Sharecast.com