Wetherspoon's announced its Q1 Update and looks for further growth, shares now 1021p

Mark Watson-Mitchell - 04.11.2026

Pubs group J D Wetherspoon (LON:JDW) has today published its Trading Update for the 14 weeks to 1st November, comprising quarter one (Q1) and a further week.

The £942m-capitalised group owns and operates pubs throughout the UK and Ireland.

The Company aims to provide customers with good-quality food and drink, served by well-trained and friendly staff, at reasonable prices.

The pubs are individually designed, and the Company aims to maintain them in excellent condition.

This Morning's Update

The Group reported like-for-like sales up 8.2% in the 14 weeks to 1 November (bar +9.4%, food +6.8%, slot/fruit machines +7.1%; hotel rooms -1.4%) and total sales up 9.1% year-to-date; September LFL was +9.9% versus industry +2.7%, extending outperformance to 49 consecutive months. Net debt fell to £736m (FY26 Q1: £756m).

The Group opened six managed pubs year-to-date, currently trades 797 managed pubs and 25 franchises, and expects a further 5–10 managed and 10–15 franchised openings.

Management says the year has started well but that profits are dependent on the level of future sales; FY27 consensus profit is £76.4m (53 weeks).

Outlook

Chairman Tim Martin stated that:

“The company has had a good start to the financial year.

There are still three quarters to go and profit forecasts are very dependent on the level of sales growth.

We are comfortable with current market expectations1, once adjusted for the 53-week period.

We will provide further updates as the financial year progresses.”

My View

Don't ever expect Tim Martin to be shy of attracting comment.

He is something of a dynamo and that is reflected in the market's acceptance of his corporate results.

I am a fan, and I cannot deny his group's attractions, with its shares now at 1021p.

The ride will be bumpy, but investors should sit tight.

but investors should sit tight.

(Profile 16.03.26 @ 643p set a Target Price of 730p*)