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Highlights

  • Like-for-like sales grew 5.6% in the latest quarter, with total sales up 5.0%.

  • Seven pubs sold and two new pubs opened; seven now operate under franchise agreements.

  • Company repurchased over 7.2 million shares and expects year-end net debt between £720m and £740m.

JD Wetherspoon plc (LSE:JDW) has reported a positive trading performance for the 13-week period ending 27 April 2025, with like-for-like sales rising by 5.6% compared to the same period last year. The update underscores the pub chain’s steady recovery and evolving business strategy, including pub disposals, franchising, and share buybacks.

For the financial year to date, like-for-like sales increased by 5.1%, while total sales rose by 5.0% in the quarter and by 4.2% year-to-date. The slight difference between like-for-like and total sales was attributed to the company’s sale of a small number of pubs during the reporting period.

During the year-to-date, JD Wetherspoon opened two new pubs while disposing of seven. The company plans to open an additional four or five locations within the current financial year and is targeting approximately ten openings in the following year. At present, the pub chain operates 795 outlets across the UK.

In line with its property strategy, the company has also acquired seven freehold reversions—properties it previously rented—at a total investment of £17 million. 

A notable development in the company’s operating model has been the extension of franchising. Seven pubs are now run under franchise agreements, including four new openings in the last quarter, all located within Haven Holiday Parks. The recently opened franchise pubs include The Red Rocks in Devon, The Humber Stone in Lincolnshire, The London Stone in Kent, and The Sir Thomas Haggerston in Northumberland.

From a financial perspective, Wetherspoon has repurchased 7,236,487 of its own shares for cancellation during the year-to-date, with an average buyback price of £5.76 per share. The company expects its net debt at the end of the financial year to range between £720 million and £740 million. It also maintains a financial buffer, with approximately £200 million in headroom under existing facilities.

While acknowledging that recent trading has been positively influenced by favourable weather, the company remains cautiously optimistic for the remainder of the financial year. Continued investments in staff facilities—such as new break and changing rooms in 520 pubs—highlight its ongoing focus on employee wellbeing. Approximately 270 more pubs are scheduled for similar upgrades, with each project costing around £100,000.

On the customer side, the company has expanded its product offerings, recently introducing Jaipur traditional ale from Thornbridge Brewery and well-known international beer brands such as Kronenbourg 1664 and Poretti. 

Despite rising wage and tax costs—estimated at £1.2 million per week.