**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 โ 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 **ยฃ47 million** (excluding IFRS 16) and **ยฃ60 million** (including IFRS 16).
Debt levels are projected to be between **ยฃ740 million** and **ยฃ760 million** by the end of FY26.
The company repurchased **2,770,750 shares** for cancellation at an average price of **ยฃ7.22** 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 **ยฃ3.3 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 **ยฃ45 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.
Below is the HTML table code comparing the financials and debt year-on-year based on the provided text:
### Notes:
1. **Interest Costs**: FY25 figures are provided, and FY26 figures are expected values.
2. **Debt Levels**: FY25 actual debt is compared to the expected range for FY26.
3. **Sales Growth**: FY26 figures are provided without FY25 comparatives, as they were not explicitly stated in the text.
4. **Pubs Opened/Sold**: Only FY26 figures are provided, as FY25 data is not available in the text.
5. **Net Cash Inflow**: FY26 figure is provided without FY25 comparative, as it is not available. This table summarizes the key financial and operational metrics year-on-year in a structured format.