JD Wetherspoon has delivered another quarter of robust sales performance, with like-for-like sales rising 3.7% in the first 14 weeks of its financial year to 2 November 2025, though chairman Tim Martin has struck a more cautious tone regarding the outlook for the remainder of the year.
The pub operator's trading update shows bar sales increased by 5.7%, food sales by 0.9%, and slot machine revenue by 8.9% compared to the same period last year. However, hotel room sales declined by 6.3%. Total sales grew by 4.2% year-to-date.
The company continues to significantly outperform the broader hospitality sector, with the CGA RSM Hospitality Business Tracker reporting industry like-for-like sales of just 0.2% in September compared to Wetherspoon's 3.4%. This marks the 37th consecutive month that Wetherspoon has exceeded the industry tracker.
Despite the cautious economic outlook, Wetherspoon has pressed ahead with its expansion plans, opening four new pubs during the year-to-date at locations including Kenilworth in Warwickshire, Paddington Basin in London, London Bridge Station, and Basildon in Essex.
The company's franchise model continues to gain momentum, with 11 pubs now operating under the Wetherspoon franchise banner. Partners include Haven Holiday Parks (five locations), university student unions (two sites), and Papas restaurants (two outlets). Three franchised pubs have opened in the year-to-date, with an estimated 12 additional franchise openings planned for the current financial year, bringing the total to 15 new franchise locations.
Two pubs at Birmingham's National Exhibition Centre saw their leases expire, with one reopening as a Wetherspoon franchise operation.
While expressing satisfaction with continued sales momentum, chairman Tim Martin indicated the company is adopting a more cautious stance ahead of the Chancellor's Budget statement.
Martin highlighted several challenges facing the hospitality sector, including the persistent impact of rising energy prices on the industry. He noted that energy cost increases lead directly to inflation, making "almost everyone poorer."
The chairman also drew attention to the significant pricing disadvantage pubs face compared to supermarkets, stemming from higher labour costs and VAT on food sales. Martin emphasised that a 10% wage rise increases the cost of a pint by approximately 15 pence in a pub, versus just 1.5 pence in a supermarket. Unlike pubs, supermarkets do not pay VAT on food sales, creating an additional competitive imbalance.
The company's performance comes as Wetherspoon has been recognised as a Top Employer UK 2025 by the Top Employers Institute for the 20th consecutive year. Additionally, 276 Wetherspoon pubs feature in CAMRA's 2026 Good Beer Guide, representing an increase of 25 locations compared to the previous year.
The company's Daventry national distribution centre, operated by DHL, celebrated its 20th anniversary in August 2024, with 27 of the original colleagues from 2004 still employed at the facility. A secondary warehouse in Rugby has also been opened to provide business continuity and support future growth.