UK Pub Chain JD Wetherspoon Issues Fourth Profit Warning in Seven Months JD Wetherspoon, one of the UK's largest pub chains, has issued a stark warning about its financial future, citing a perfect storm of rising costs that has ravaged sales and sent shares plummeting. Despite the World Cup, which typically brings in a boost to the hospitality industry, Wetherspoon's chair, Tim Martin, has revealed that the company is struggling to keep up with skyrocketing costs for food, workers, energy, and property taxes. This is the chain's fourth profit warning in just seven months, sparking concerns about the long-term sustainability of the business. As the company prepares to report its full-year earnings in October, investors are bracing themselves for a disappointing outcome, with shares already tumbling 10% in early trading.
Pub chain blames worse-than-expected sales on rising costs for workers, food, energy and property taxesBusiness live – latest updatesJD 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. Continue reading...
