Sportswear retailer JD Sports Fashion lowered its full-year profit forecast on Thursday, citing higher costs, a slowdown in consumer spending and subdued demand for apparel amid milder weather conditions.
Retailers in the UK have experienced tepid growth as the ongoing cost-of-living squeeze prompts shoppers to rein in spending on non-essential items.
The company, which sells Nike, Adidas and other sports fashion ranges, now expects profit before tax and adjusted items to be between £915 million and £935 million (€1.06 billion and €1.08 billion) and for the year ending February 3rd.
It had earlier expected profit to be in line with market expectations of £1.04 billion.
Coffee drinkers face new price hikes and the latest Trump tariff twists
If planning laws were changed, obsolete offices could be converted into housing to ease Dublin’s rental crisis
Johnny Lappin: ‘I got scammed by a rogue so-called roofing contractor. I foolishly paid him in cash’
The silence of the CEOs in the face of Donald Trump’s tariff chaos
JD Sports said its like-for-like organic revenue increased 1.8 per cent, slightly less than expected, for the 22 weeks ended December 30th.
The London-listed firm expects full-year organic revenue growth of about 8 per cent. - Reuters
(c) Copyright Thomson Reuters 2024
