JD Sports sees 'challenging' market as January sales slip
[lenscap50 - www.stock.adobe.com]
UK retailer
The sportswear chain said it expected full-year profits to be within guidance of £915m-935m. Like-for-like sales in Britain and Ireland fell 3.2% in the fourth quarter, due to a higher proportion of clothing sales than in other regions and less discounting compared with online rivals.
Clothing sales were weaker than footwear, the company added in a trading update.
Chief executive Regis Schultz flagged that the current year would be tougher due to less product innovation and more discounting, but expected sales to pick up on the back of the Paris Olympics and European football finals in the summer.
Like-for-like sales in the final quarter rose just 0.1%, with January slightly down year-on-year due to elevated promotional activity in the market, particularly online, and against a very strong comparative of 25% growth a year earlier, he said.
Reporting by Frank Prenesti for Sharecast.com
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.