High street baker Greggs has seen its share price slide more than 7% after it issued a profit warning over poor winter trading.
Britain's biggest seller of food-on-the-go said it expected full-year profit to be down this year, partly blaming the adverse weather in January and March for keeping shoppers out of its stores.
A company statement said: "Although we are only four months into the year, based on current own shop like-for-like performance we believe that profits for the year are likely to be slightly below the lower end of the range of market expectations."
It said the range for the year to December 28 was £47.5m-55.2m.
Greggs said sales at stores open over a year were down 4.4% in the 17 weeks to April 27.
"We are continuing to experience lower footfall across much of the estate although average transaction values have increased marginally," it said.
Greggs said a higher proportion of promotional deals meant a slight impact on margin, a trend it expected to continue throughout the year.
The firm said total sales in the period rose 3%, helped by a net 10 new shop openings and a 2.9% increase in wholesale and franchise sales.
Shares in Greggs closed on Friday at 462.5p, valuing the business at £467.9m.
But by 9.15am on Monday shares had shed 33p to 429.5p.
:: Construction giant Balfour Beatty also saw its share price plunge 11% on Monday after it issued a profit warning.
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