Wetherspoons warns on profits as higher costs bite

(Sharecast News) - Pub chain JD Wetherspoon on Wednesday warned annual profits were likely to miss market expectations, with marginally lower sales than anticipated in the final quarter on the back of higher costs and taxes. In an unusually brief trading update, the company said like-for-like sales increased 4% in the 12 weeks to July19, compared to the same period last year. Year-to-date like-for-like sales increased by 4.2%.

Reporting by Frank Prenesti for Sharecast.com