J D Wetherspoon (JDW) Q1 2027 TU earnings summary

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.