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JD Sports First Half Profit Hit by American Weakness
Sales fell 0.7% to £5.9 billion as weakness in North America offset progress in online and loyalty efforts.
- On Wednesday, British sports and fashion retailer JD Sports reported a 19.7% drop in first-half profit, primarily driven by weakness in its key North American market.
- CEO Regis Schultz attributed the performance to "a challenging backdrop of consumer cost-of-living pressures, footwear product cycle headwinds and a highly promotional market."
- The company posted a profit of £282 million on £5.9 billion in sales, down 0.7%; Nike, accounting for more than 40% of sales, further pressured results as it resets its business.
- Following a 3.1% fall in group like-for-like sales during the second quarter, the retailer maintained its full-year earnings outlook of £700 million to £800 million.
- Shifted consumer preferences toward newer, nimble brands like Hoka and On have hurt longstanding leaders, while Schultz warned that several factors "may persist into H2.
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JD Sports faces ‘tough trading’ as US sales slip
JD Sports has seen revenue and profit slip so far this year, as weak consumer confidence in its key US market drives a “tough trading environment”. Régis Schultz, chief executive of the so-called ‘King of Trainers’, said on Wednesday that he is “encouraged” by the progress towards his growth plan while admitting that cost-of-living pressures are “weighing” on its core consumer. The FTSE 100 group saw like-for-like sales slip by 2.8 per cent in …
·London, United Kingdom
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Total News Sources19
Leaning Left2Leaning Right1Center6Last UpdatedBias Distribution67% Center
Bias Distribution
- 67% of the sources are Center
67% Center
L 22%
C 67%
11%
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