Derren Nathan, head of equity research at Hargreaves Lansdown, said: “In an uncharacteristically short trading update ‘Spoons’ revealed like-for-like sales of 3.4 per cent in the third quarter, compared to 4.3 per cent year-to-date.
“According to GfK, consumers are feeling more miserable than they have at any time since October 2023.
“It’s not stopping them from popping into their local J D Wetherspoon for a reasonably priced burger and a pint, but growth is slowing.
“The group continues to outsell its rivals, supported by its strong value proposition, and is optimising its estate towards high-footfall locations.
“However, founder Tim Martin pointed out substantial cost increases for the industry, which may result in profits slightly below market expectations.
“Pre-tax profit was previously expected to fall 11 per cent in 2026.
“The shares are down over 20 per cent year-to-date, and a flat reaction today suggests further weakness was already priced in.
“The group looks better placed than most to prosper when the economic tide turns, but near-term catalysts could be few and far between.”
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