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JD Sports cuts outlook again in ‘challenging and volatile’ market

ALN

JD Sports Fashion PLC on Tuesday lowered profit guidance for the second time in as many months reflecting weak trading in the UK and US.

Chief Executive Regis Schultz said: ‘Market headwinds were higher than we anticipated and therefore our full year profit forecast is slightly below our previous guidance. With these trading conditions expected to continue, we are taking a cautious view of the new financial year.’

The Bury, England-based athleisure retailer now expects full year pretax profit before adjusting items to be between £915 million and £935 million. This was lowered from a guidance range of £955 million to £1.04 billion, itself cut in November.

In the 53 weeks to February 3, 2024, its prior financial year, JD Sports reported pretax profit before adjusting items of £917.2 million.

In response, shares in JD Sports tumbled 11% to 86.00 pence in London on Tuesday morning. It was the worst performing stock in the FTSE 100 which itself was little changed.

Like-for-like revenue across November and December was down 1.5% in the nine weeks to January 4 in a ‘challenging and volatile’ market that saw ‘increased promotional activity,’ JD Sports said in a statement.

Despite this, JD Sports said it delivered a ‘strong Christmas’ with December LFL revenue up 1.5%.

The firm said organic revenue growth in the period was 3.4% and it expects full year organic revenue growth to be around 5%.

Year-to-date, LFL revenue is flat and the firm expects full year LFL revenue to be at a similar level.

Footwear sales grew and outperformed apparel, and stores outperformed online channels.

The firm saw a strong LFL revenue performance from Sporting Goods and Outdoor segment, and LFL revenue growth in Europe and Asia Pacific partially offset weaker LFL trading across the UK and North America.

Commenting on its recent additions, JD Sports said Hibbett traded slightly ahead of the wider North America business and Courir traded well across the weeks following acquisition.

Gross margins remained robust and ahead of last year in the nine week period. Full year gross margin is expected to be around 48%, in line with last year.

Schultz said: ‘We chose not to participate in what was a more promotional environment in the period than we anticipated, fully maintaining our trading discipline to deliver gross margins ahead of last year, clean inventory and strong cash management.’

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