Bakery chain Greggs has blamed weather-hit sales and rising costs for its decision to cut £3 million from full-year profit forecasts.
Greggs, which has 1,400 outlets in the UK, said increases in energy and ingredient costs were not passed on in full to customers.
It said poor weather throughout August and early September caused like-for-like sales growth to slow to 3.9% in the 16 weeks to October 4, although sales since mid-September picked up to show growth of 5.7%.
Analysts had been expecting a pre-tax profits haul of around £48 million for the year to the end of December.
Greggs said: "As a consequence of the period of slower sales growth and temporary margin impact from higher costs we are reducing our expectations of operating profit for the current financial year by some £3 million."
Greggs said its desire to maintain the brand's value-for-money market position meant it had absorbed some of the recent impact on margins.
However, it added that prices for many ingredients were now stabilising, with reductions in some areas including vegetable oils and vehicle fuel.
"This, combined with tightened control of operating costs, promises a more positive outlook for operating margins in the final 12 weeks of the year," it added.
Greggs also said increasing pressure on household budgets had only resulted in a "modest erosion" in customer numbers and transaction values.
Shares were more than 3% lower as investors reacted to the profits downgrade.
Greggs also said it had reduced capital expenditure for the year to £36 million, compared with the £40 million previously indicated. Spending includes a new bakery in Manchester, which is near to completion and will commence full production in the first half of 2009.
Greggs, which also trades as Bakers Oven, has opened 53 new shops in the year to date and closed 22. It is on track to add a net figure of 40 new shops to its estate for the year as a whole.