Pub chain JD Wetherspoon has issued its fourth profit warning this year, citing weaker sales and rising costs. Founder and chair Sir Tim Martin said full‑year profits will fall below market expectations because of “marginally lower sales” and higher costs in food, labour, repairs, energy and business rates.

Shares dropped 9 per cent in early trading. The company operates about 800 pubs across the UK and opened its first site in Spain in February. Like‑for‑like sales for the 12 weeks to July 19 rose 4 per cent versus 2025, but Martin warned that secondary effects of energy‑cost increases are squeezing margins.

Analyst Robyn Duffy of RSM UK noted the chain’s value proposition drives demand, yet rising labour and operating costs make profit conversion harder. Meanwhile rivals Fuller’s and Marston’s reported stronger trading, with Marston’s serving roughly 2mn pints during England’s World Cup matches across more than 1,300 pubs.