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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
J D Wetherspoon
J D Wetherspoon (JDW) investor relations material
J D Wetherspoon Q1 2027 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2027 TU earnings summary4 Nov, 2026
Trading performance
LFL sales +8.2% in the 14 weeks to 1 Nov; bar sales +9.4%, food +6.8%, slot/fruit machines +7.1%, and hotel room sales -1.4%.
Total sales +9.1% year to date; LFL sales eased from +8.6% in the first nine weeks to +7.5% in the latest five weeks.
September LFL sales +9.9% versus +2.7% for the industry tracker; outperformance sustained for 49 consecutive months.
Net debt £736m at Q1 end versus £756m at FY26 Q1 end.
Estate and franchises
Six managed pubs opened year to date; one pub sold, leaving 797 trading managed pubs. A further 5–10 managed openings are estimated for the financial year.
25 pubs now operate as franchises, including two opened year to date; a further 10–15 franchise openings are estimated for the financial year.
Pub cost economics
Estimated labour cost per pint: £1.68 in a pub versus 15p in a supermarket; a 10% labour cost increase equates to 17p versus 1.5p.
The widening pub–supermarket price gap is cited as a major factor in pubs losing half their beer sales to supermarkets since the millennium; supermarkets pay zero VAT on food sales versus 20% for pubs and restaurants.
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Latest events from J D Wetherspoon
- Revenue up 5.2% but profit before tax down 31.9%; strong LFL sales and investment continue.JDW
H2 2026 - Profits are set to miss expectations as higher costs offset steady sales growth.JDWTrading update
- Sales growth remains robust, but rising costs may pressure profits below expectations.JDWQ3 2026 TU
- Revenue grew 5.7%, but rising costs cut H1 profit and pressured FY expectations.JDWH1 2026
- Strong sales growth offset by rising costs, leading to a cautious full-year outlook.JDWTrading update
- Sales growth and strong trading support profit expectations, with expansion planned.JDWQ4 2025 TU
- Profit before tax surged 73.5% on 5.7% revenue growth, but free cash flow fell sharply.JDWH2 2024
- Sales growth continues, but rising labour costs and debt pose challenges for the year ahead.JDWQ2 2025 TU
- Revenue up 3.9% but profit margins pressured by rising costs; dividend reinstated.JDWH1 2025
Next J D Wetherspoon earnings date
H1 202719 Mar, 2027
J D Wetherspoon
Next J D Wetherspoon earnings date
H1 202719 Mar, 2027
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Frequently asked questions
J D Wetherspoon plc is a pub and hotels operator. Its principal activities include the ownership and operation of pubs and hotels in the UK and Ireland. The company was founded in 1979 and is based in Watford, the United Kingdom.