JD Wetherspoon has issued its fourth profit warning in seven months, as the pub chain reported weaker-than-expected sales despite the World Cup, blaming rising costs across food, labour, energy and business rates. Shares in the company fell 10% on Wednesday morning after chair Tim Martin said full-year profits, due to be reported in October, would fall short of market expectations, underlining the sustained financial pressure facing the hospitality sector.

Like-for-like sales rose just 4% over the 12 weeks to 19 July, a disappointing figure given hopes that World Cup viewing would drive extra custom, though late kick-off times linked to the tournament's North American hosts limited the usual boost. The 793-pub chain has been squeezed by April's rises in the minimum wage and business rates, alongside higher energy and food costs stemming partly from the US-Israel conflict over Iran. Despite the warning, Wetherspoon's now expects net debt of £720m, better than earlier forecasts of £740m-£760m, though analysts noted the firm's investment outlook remains uncertain.