Walkabout pubs owner Regent Inns has issued its fourth cautionary statement this year over future trading as it battles a slowdown in consumer spending.

The company has twice reported falling earnings this year and issued a profit warning in May. Today it said like-for-like sales in the 14 weeks to 6 October were down 1%.

Its latest worry is that England will fail to secure a place in the Euro 2008 football tournament. Regent's Walkabout pubs are aimed at sports fans and rely on major events to attract punters.

The recent Rugby World Cup boosted sales as England made the last round. But this cost it lost custom on the day of the final at its comedy club chain Jongleurs and Old Orleans restaurants.

Uncertainty over the impact of the UK-wide smoking ban adds further pressure to the group's prospects.

Investment bank Investec said Regent's entertainment bars' division may see earnings downgrades from its analysts because the company only has outside space for smokers at half of its venues.

Stockbroker Numis said it continued to forecast pre-tax profits of £10 million in the year to June 30, with the figure rising to £11.5 million the year after.

However, it noted the company's caution over consumer spending and the progress of the England football team, adding that 'for those reasons we continue to believe the risk to forecasts is on the downside'.

Numis said: 'We would be sellers of the stock if it were not for the group's open willingness to participate in industry consolidation.'

Regent Inns saw its shares fall 1.5% to 67.5p on Friday morning.