J D Wetherspoon*<\/p>\n<\/td>\n
Full Year Results<\/p>\n<\/td>\n<\/tr>\n
*Events on which we will be updating investors<\/p>\n
Greggs eyes third-quarter rebound amid profit pressures<\/p>\n
Prices delayed by at least 15 minutes<\/p>\n
Greggs<\/a>\u2019 valuation has come under pressure in 2025 after a challenging start to the year. First-half sales rose 7.0% to just over \u00a31.0bn, driven largely by new store openings. Like-for-like sales growth hasn\u2019t been as strong as markets originally hoped, rising at a slower pace of 2.6%, while operating profit fell 7.1% to \u00a370mn. This decline reflects ongoing inflationary pressures and costs related to building two new national distribution centres.<\/p>\n The broader consumer spending environment remains fragile. While Greggs has relied on price increases to support like-for-like sales growth, the company must be careful not to stretch customer tolerance too far.<\/p>\n Despite current challenges, full-year guidance remains unchanged, with operating profit expected to come in modestly below 2024\u2019s \u00a3195mn figure. That puts added pressure on next week\u2019s third-quarter numbers to show an improvement in momentum. With cash flows coming under pressure and the group falling into a small net debt position, strong execution will be critical in the months ahead.<\/p>\n Prices delayed by at least 15 minutes<\/p>\n Will Tesco\u2019s first-half numbers check out with a profit upgrade?<\/p>\n Prices delayed by at least 15 minutes<\/p>\n Tesco<\/a> started the year on a solid footing, delivering like-for-like sales growth of 4.6% in the first quarter, led by a strong 5.1% increase in the UK. Central Europe and Booker also contributed positively, reinforcing Tesco\u2019s broad-based momentum. <\/p>\n Despite the strong start, the group expects full-year underlying operating profits to land between \u00a32.7\u20133.0bn, just below last year\u2019s \u00a33.1bn. This cautious stance reflects concerns around a potential price war in the grocery sector. We\u2019re not convinced that\u2019s the case, and view the current outlook as a touch conservative. <\/p>\n Tesco\u2019s scale advantage, sharp pricing strategy, and the ongoing success of the expanding Tesco Finest range puts it in a strong position to maintain customer loyalty and gain market share. If current trends continue, there could be room for guidance upgrades as the year progresses. <\/p>\n Prices delayed by at least 15 minutes<\/p>\n Wetherspoon remains steady amid cost pressures<\/p>\n Prices delayed by at least 15 minutes<\/p>\n J D Wetherspoon<\/a> has been resilient this year, and expects to post like-for-like sales growth of around 5.1% in final results next week. However, the additional cost burden from higher wages and taxes means that profit growth is proving harder to come by. Analyst forecasts imply that operating profit has flatlined at around \u00a3140mn.<\/p>\n Meanwhile the company\u2019s guided that net debt will land at around \u00a3720mn up from \u00a3660mn a year earlier. It\u2019s no surprise therefore that the market expects the recently re-introduced dividend to remain flat at 12p per share. But this can\u2019t be assured.<\/p>\n Our attention will be firmly focussed on the outlook. Some signs of sluggishness in the pubs and restaurant sector are already evident in the early part of this year. We think the group remains competitive, but challenging conditions could be exacerbated if the November budget reveals either further cost increases or a squeeze on spending power. <\/p>\n Prices delayed by at least 15 minutes<\/p>\n This article is original Hargreaves Lansdown content, published by Hargreaves Lansdown. It was correct as at the date of publication, and our views may have changed since then. Unless otherwise stated estimates, including prospective yields, are a consensus of analyst forecasts provided by LSEG. These estimates are not a reliable indicator of future performance. Past performance is not a guide to the future. Investments rise and fall in value so investors could make a loss. Yields are variable and not guaranteed.<\/p>\n This article is not advice or a recommendation to buy, sell or hold any investment. No view is given on the present or future value or price of any investment, and investors should form their own view on any proposed investment. This article has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is considered a marketing communication. Non-independent research is not subject to FCA rules prohibiting dealing ahead of research, however HL has put controls in place (including dealing restrictions, physical and information barriers) to manage potential conflicts of interest presented by such dealing. Please see our full non-independent research disclosure<\/a> for more information.<\/p>\n Sign up for Share Insight. Get our Share research team\u2019s key takeaways from the week\u2019s news and articles direct to your inbox every Friday.<\/p>\n Written by<\/p>\n
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