Companies Reporting: Greggs, Tesco, JD Wetherspoon

Our regular look at the FTSE 350 and other companies reporting from 29 September – 03 October.

• Greggs eyes third-quarter rebound amid profit pressures.
• Will Tesco’s first-half numbers check out with a profit upgrade?
• JD Wetherspoon remains steady during cost pressures.

Greggs, Q3 Trading Statement, Wednesday 1 October

Aarin Chiekrie, equity analyst, Hargreaves Lansdown: Greggs’ LON:JDW valuation has come under pressure in 2025 after a challenging start to the year. First-half sales rose 7.0% to just over £1.0 billion, driven largely by new store openings. Like-for-like sales growth hasn’t been as strong as markets originally hoped, rising at a slower pace of 2.6%, while operating profit fell 7.1% to £70 million. This decline reflects ongoing inflationary pressures and costs related to building two new national distribution centres.

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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.

Despite current challenges, full-year guidance remains unchanged, with operating profit expected to come in modestly below 2024’s £195 million figure. That puts added pressure on next week’s 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.

Tesco, Half Year Results, Thursday 2 October

Aarin Chiekrie: Tesco LON:TSCO 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’s broad-based momentum.

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Despite the strong start, the group expects full-year underlying operating profits to land between £2.7–3.0 billion, just below last year’s £3.1 billion. This cautious stance reflects concerns around a potential price war in the grocery sector. Some analysts are not convinced that’s the case and view the current outlook as a touch conservative.

Tesco’s 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.

JD Wetherspoon, Full Year Results, Friday 3 October

Derren Nathan, head of equity analysis, Hargreaves Lansdown: JD Wetherspoon LON:JDW 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 £140 million.

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Meanwhile, the company’s guided that net debt will land at around £720 million, up from £660 million a year earlier. It’s no surprise therefore that the market expects the recently re-introduced dividend to remain flat at 12p per share. But this can’t be assured.

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. Some 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.

For the current week’s reporting diary see our Company Diary page here.

This article has been brought to you in association with Hargreaves Lansdown. All opinions expressed in this article are from the analysts and do not necessarily represent the opinions of The Armchair Trader.

FTSE 100, FTSE 250 and selected other companies scheduled to report