Just as we thought, sales growth at pub group JD Wetherspoon (JDW) slowed during the fourth quarter. Like-for-like sales grew 2.9 per cent during the final quarter compared with 5.2 per cent last year and 1.7 per cent during the third quarter. What's more, margins are down to 7 per cent, compared with 7.5 per cent in the third quarter and 8.3 per cent this time a year ago.
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Analysts at Numis downgraded forecasts for the 2016 financial year by 6 per cent, having already cut expectations for the 2015 financial year by 8 per cent.