Our **** ysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here.
JD Wetherspoon issued another profit warning after sales came in weaker than expected and costs kept rising across food, labor, repairs, energy and business rates. Like-for-like sales rose 4% in the 12 weeks to July 19, but that was not enough to offset margin pressure or satisfy investors hoping the World Cup and warm weather would deliver a bigger pub rush. Shares fell sharply. The punters are still showing up. The profits are not keeping pace.
Wetherspoons warned that full-year profits are likely to come in below market expectations when it reports results in October. The company blamed "marginally lower sales than anticipated" in the final quarter and higher costs across food, labor, repairs, energy and business rates.
Like-for-like sales rose 4% in the 12 weeks to July 19. Year-to-date like-for-like sales were up 4.2%. That is growth, but not enough for a pub chain that investors hoped would benefit from the FIFA World Cup, warm weather and customers heading out to watch matches.
Shares fell around 9% to 10% after the update.
#shares
JD Wetherspoon issued another profit warning after sales came in weaker than expected and costs kept rising across food, labor, repairs, energy and business rates. Like-for-like sales rose 4% in the 12 weeks to July 19, but that was not enough to offset margin pressure or satisfy investors hoping the World Cup and warm weather would deliver a bigger pub rush. Shares fell sharply. The punters are still showing up. The profits are not keeping pace.
Wetherspoons warned that full-year profits are likely to come in below market expectations when it reports results in October. The company blamed "marginally lower sales than anticipated" in the final quarter and higher costs across food, labor, repairs, energy and business rates.
Like-for-like sales rose 4% in the 12 weeks to July 19. Year-to-date like-for-like sales were up 4.2%. That is growth, but not enough for a pub chain that investors hoped would benefit from the FIFA World Cup, warm weather and customers heading out to watch matches.
Shares fell around 9% to 10% after the update.
#shares
3 months ago
