**Summary**
J D Wetherspoon PLC released a trading update on January 21, 2026, highlighting strong sales growth and operational developments. Key points include
1. **Sales Performance**
Like-for-like (LFL) sales increased by **+4.7%** in the 25 weeks to January 18, 2026, with bar sales up **+6.9%**, food up **+1.3%**, and slot/fruit machines up **+9.1%**.
LFL sales for the main Christmas period (December 15, 2025 – January 4, 2026) rose by **+8.8%**.
Total sales grew by **+5.3%** year-to-date.
2. **Financing**
Expected interest costs for FY26 are around **£47 million** (excluding IFRS 16) and **£60 million** (including IFRS 16).
Debt levels are projected to be between **£740 million** and **£760 million** by the end of FY26.
The company repurchased **2,770,750 shares** for cancellation at an average price of **£7.22** per share.
3. **Property Expansion**
Six new pubs opened in the year-to-date, with a total of **15** planned for the financial year.
Six pubs were sold, generating a net cash inflow of **£3.3 million**.
Eight franchised pubs opened, with **10-15** more expected, including the first in mainland Spain (Alicante Airport).
4. **Outlook**
Chairman Tim Martin noted higher costs (e.g., energy, wages, repairs) totaling **£45 million** in the first 25 weeks.
First-half profits are expected to be lower than FY25, with full-year trading outcomes anticipated to be slightly below FY25 levels if current momentum continues.
5. **Interim Results**
Scheduled for release on **March 20, 2026**, covering the six months ending January 25, 2026.
Wetherspoon remains focused on providing quality food and drink at reasonable prices, with ongoing expansion and franchise growth.