JDW’s Q3 FY21/22 trading performance was slightly below our expectations. Although lfl sales declined by 4% (vs their pre-pandemic levels), the last two weeks of the quarter witnessed lfl growth. We expect the sector to remain battered by inflation-led headwinds (both on demand and profitability) but the publican is relatively better placed due to its cheaper prices and the gradual improvement in activity in/around the London/city centre. We shall need to trim of our financial estimates but main ....
