Shares in Eldridge Pope have fallen 8% so far this morning after the company warned that annual profits would not meet expectations after a sales slump at its managed estate. The company blamed intense competition on the high street and disappointing food sales for the 5.6% drop in like-for-like sales among its 70 managed outlets. The only positive note within the division was a +2.9% increase in like-for-likes at the Pubs group. The 43 tenanted pubs were reported as trading in line with expectations in the 26 weeks to April 3, with like-for-like sales ahead 4.1%. The company said: "In the light of current trading, the board is reviewing further actions to improve performance."