‘JDW profits likely to be below market expectations’

JD Wetherspoon reports pre-close trading update
Trading update: JD Wetherspoon's like-for-like sales were up 4% in the 12 weeks to 19 July 2025 (Getty Images)

Pub group JD Wetherspoon (JDW) chairman Tim Martin warned the company’s profits are likely to be lower than market expectations in its latest pre-close trading update.

Join our new WhatsApp channel: The Morning Round-Up

Get the biggest pub trade stories straight to your phone. Listen to our one-minute daily news briefing and receive breaking news, exclusives and sector updates throughout the day. Remember to turn notifications on in the top right corner!

Join the channel here.

The update also stated like-for-like sales were up by 4% in the 12 weeks to 19 July 2025 compared to the same period in the previous year while year-to-date like-for-like sales were up 4.2%.

It also outlined how in the year to date, the business opened eight pubs and sold nine, with the estate currently sitting at 793 managed pubs.

Furthermore, 15 franchised sites have opened in the year to date, bringing that total to 23.

Higher costs

In addition, JDW has purchased the freehold reversions of four pubs for a total of £12.2m, bringing its expenditure on freehold reversions since 2011 to £489m.

It anticipates year-end net debt to be £720m, in line with the end of the previous financial year.

Chairman Martin said: “Profits for the year are likely to be below market expectations with marginally lower sales than anticipated in the final quarter, combined with higher costs in the areas of food, labour, repairs, energy and business rates.”

The preliminary results are set to be released on 2 October 2026.

Transport hubs

Earlier this month (July), JDW announced it was opening its third venue at Heathrow airport.

The Sir Frank Whittle opened yesterday (Tuesday 21 July) at Terminal 2 (airside), after the pub group spent £3.5m developing it, creating 100 jobs.

This was the company’s 10th airport pub in the UK and Spain with plans to open more - one at Manchester airport this summer as well as two separate pubs at Barcelona airport, opening in November 2026 and January 2027.

The latest site joins two already at Heathrow - the Crown Rivers in Terminal 5 and Star Light in Terminal 4.

Other airport venues including the Red Lion at Gatwick North Terminal, the Beehive at the West Sussex airport’s South Terminal (landside) and Flying Horse, also at the South Terminal (airside).