Wetherspoon’s issues fourth profit warning in seven months

JD Wetherspoon has issued its fourth profit warning in seven months, with the pub chain blaming worse-than-expected sales, despite the World Cup, as it struggled with rising costs for food, workers, energy and property taxes.

Shares in the pub chain tumbled 10% on Wednesday morning as its chair, Tim Martin, warned that profits would fall short of forecasts when it reports full-year earnings in October.