Shares in JD Wetherspoon, the managed pub operator, fell by 15.25p yesterday – despite the retailer revealing a 1.0% increase in like-for-like sales. They closed the day at 422.5p. The operator yesterday described sales, profit and cashflow as “resilient” and that it thought current market conditions meant there were “substantial opportunities” to acquire sites for reasonable prices. Hugh-Guy Lorriman of Seymour Pierce said the fall off in JDW stock started in May - when the company revealed a drop off in like-for-likes. He added: "This suggested that the market saw this as not simply having a short term profit impact but perhaps putting a longer termquestion over the business model, as such justifying a de-rating. " Despite this, Lorriman is a fan of JDW and upgraded his recommendation from sell to hold. JDW announces its preliminary results on 10 September.