J D Wetherspoon reported like-for-like sales 8.2% higher in the 14 weeks to 1 November 2026, in a trading update published on 4 November. The pub group, which trades 797 managed pubs, said 25 pubs now operate as Wetherspoon franchises and that 10 to 15 more franchised openings may follow this financial year.
The update covers the first quarter of the financial year plus one further week. Total sales grew by 9.1% over the period, according to the company. Wetherspoon also cited the NIQ RSM Hospitality Business Tracker, which follows monthly like-for-like sales at a number of multi-site pub and restaurant groups. In September, the latest month available, the tracker recorded industry sales growth of 2.7%, against 9.9% for Wetherspoon. The company said it has now outperformed the tracker for 49 consecutive months. Net debt stood at £736 million at the end of the quarter, down from £756 million a year earlier.
Bar sales lead the first quarter
Bar sales rose by 9.4% on a like-for-like basis, food by 6.8% and slot and fruit machines by 7.1%. Hotel room sales were the one category to fall, by 1.4%. The pace has eased over the quarter. In its annual results, Wetherspoon had reported like-for-like growth of 8.6% for the first nine weeks; the update puts the most recent five weeks slightly lower, at 7.5%. The company did not publish a profit figure for the quarter.
Two franchised pubs opened so far this year
The update gives franchising its own section. A total of 25 pubs now trade as Wetherspoon franchises, two of which opened in the year to date, and the company estimates there may be 10 to 15 further franchised openings before the year end, a pace matched by few of the food and drink franchises in the UK.
On the managed side, it opened six pubs: at Manchester Airport and Heathrow Airport, both in terminal 2, and in Crewe, Ferndown, Dibden Purlieu and Kempston. It sold one pub and expects 5 to 10 more managed openings.
Where Wetherspoon franchises trade
The grThe group’s franchising site names three types of partner, a route distinct from the tenancies and leases that dominate the trade, as our guide to opening a pub in the UK sets out. Hull University Students’ Union opened the first franchise site in January 2022, and four more universities have followed. Haven has nine franchised pubs at its holiday parks in England. The Ale House Group signed a multi-unit agreement for 15 pubs, starting with The Hykeham Manor in Lincoln. The site does not publish fees or investment figures.
The company’s case on labour costs and VAT
A section of the update sets out the company’s view of pub economics. Citing the Morning Advertiser, it puts the average pub pint at £5.34 in May and estimates labour at about 38% of its cost before VAT, or around £1.68. Its own calculation puts the labour cost of a supermarket pint at about 15 pence. Wetherspoon argues that rising labour costs therefore widen the price gap between pubs and supermarkets. It adds that supermarkets pay zero VAT on food sales, while pubs and restaurants pay 20%.
Outlook: next update due on 20 January 2027
Tim Martin, founder and chairman of Wetherspoon, said: “The company has had a good start to the financial year.” He added that profit forecasts depend heavily on sales growth, with three quarters still to go. The company said it is comfortable with market expectations, which it puts at a consensus profit of £76.4 million from seven analysts for a 53-week year. The current financial year runs to 1 August 2027, and the next trading update is expected on 20 January 2027.
