Robyn Duffy, Consumer Markets Senior Analyst at RSM UK, comments on today’s results from Wetherspoons: “J D Wetherspoon has continued to outperform the wider pub market, with strong festive trading underscoring the resilience of value-led socialising, even as consumers remain firmly in a saving-over-spending mindset. In an increasingly price-sensitive environment, the group’s value positioning continues to resonate with customers looking to manage discretionary spend without compromising on socialising.

“A diverse mix of revenue streams is serving the business well. Drinks sales remain robust, while the food offering is performing an increasingly strategic role, driving spend and helping to smooth trading throughout the day with slot machines showing strong performance too. By contrast, hotel stays remain under pressure, reflecting wider trends across the accommodation market, where luxury continues to thrive while budget-led demand shows signs of fatigue.

“Costs are now the key pressure point for the business, with energy, wages, repairs and business rates driving a £45 million increase in costs over the first 25 weeks of trading. Against this backdrop, Wetherspoon’s profit outlook has turned more cautious, with first-half profits expected to be lower than the same period last year, and full-year trading likely to come in slightly below FY25. That performance is nevertheless notable given intensifying cost pressures across the sector.

“As 2026 unfolds, the focus will remain firmly on cost control, cash generation and how effectively Wetherspoon continues to mitigate these structural headwinds.”

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