JD Wetherspoon issued its fourth profit warning in seven months on Tuesday, sending shares down as much as 10% as founder Tim Martin cautioned that annual earnings would fall short of market expectations.
The pub chain, which operates 793 managed pubs and 23 franchise sites across the UK, said like-for-like sales rose 4% in the 12 weeks to 19 July. Year-to-date sales were up 4.2%, marginally below the previous quarter. However, Martin warned that profits for the full year ending October 2026 would miss forecasts, with the company having previously faced £60 million in extra costs linked to wage increases and National Insurance contributions.
Net debt is now expected to reach £720 million, lower than previous guidance of £740 million to £760 million. Analysts expect pretax profit of £69.52 million for the year, according to LSEG data.