JD Wetherspoon sees lower-than-expected profit as higher costs bite

JD Wetherspoon PLC on Wednesday blamed rising costs across the business as it warned full-year profit will be below market expectations.

In response, shares in the Watford, England-based pub chain were down 8.5% at 689.88 pence each in London on Wednesday. The stock is down 12% over the past 12 months.

In a brief trading statement, Chair Tim 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."

Shore Capital analyst Greg Johnson said market consensus for operating profit before the trading update was £129 million, already below £146.4 million reported in the 52 weeks to July 27, 2025.

Like-for-like sales increased by 4.0% in the 12 weeks to July 19, compared to the same period last year. Year-to-date like-for-like sales increased by 4.2%.

The firm currently anticipates year-end net debt to be £720 million, in line with the end of the last financial year, but below guidance of between £740 million and £760 million provided in April. This is after share buybacks and £12.2 million spent on freehold reversions.

JD Wetherspoon's financial year ends on the last Sunday in July. Full-year results for the financial year ending July 26 are due to be released on October.

In April, the company warned that that higher costs may lead to slightly lower-than-expected profit.

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