JD Sports has revealed its full-year profit will now be towards the lower end of its expectations after softening consumer demand hit its sales. The Greater Manchester-headquartered FTSE 100 giant had previously set a target for its pre-ta profit of between £995m and £1.035bn but it has now confirmed the total will be towards the lower end of the range.
In a statement issued to the London Stock Exchange, JD Sports said customers have been getting increasingly cautious about spending in recent months. The third quarter update also confirmed that the group’s like-for-like sales in the UK dropped 2.4 per cent in the 13 weeks to 2 November , and company-wide sales fell 0.
3 per cent overall. JD Sports said a combination of “elevated promotional activity, unseasonable weather and a cautious consumer” has affected sales, with demand particularly soft in October. In the year to date, UK revenue has dropped by 1.
1 per cent, while overall revenue has increased by 6.1 per cent. The company has continued to focus on its store roll out plan, with 79 new shops opened during the period.
It said stores continued to outperform online sales. The total number of stores at the period end was 4,541, up 1,224 from the start of the year, including 1,179 stores acquired with Hibbett. Earlier in 2024, JD Sports said it would pay £878m for Hibbett, an Alabama-headquartered ‘fashion inspired’ retailer with stores in 36 states across the States .
It expects Hibbett to contribute around £25.