THE boss of JD Sports yesterday bristled at concerns the retailer was vulnerable to a slowdown in sales at supplier NIKE. JD Sports — known as the King of Trainers — relies heavily on the popularity of new releases from the world’s biggest sporting brand to bring in customers. 3 Nike’s sales slumped by ten per cent in the last quarter Credit: Nike 3 JD Sport relies heavily on new Nike releases to bring in customers Credit: Supplied Nike’s sales slumped by ten per cent in the last quarter and the US firm’s profits were down more than a quarter to $1.
1billion — the biggest fall since the pandemic. Meanwhile JD Sports yesterday posted a 64 per cent drop in profits to £126.3million.
Regis Schultz, chief executive of the FTSE 100 retailer, accused journalists of “overplaying” the group’s exposure to Nike’s woes. But he later admitted Nike’s Air Force One was still a best-seller. READ MORE ON JD SPORTS WARNING SHOT JD Sports chairman sounds alarm by claiming labour job laws 'put jobs at risk' KITTED OUT England fans are rushing to JD Sports where shirts are selling for just £6 A testy Mr Schultz insisted: “People overplay everything .
. . we are a multi-brand retailer.
We are doing what we do for a living, selling different brands.” Asked about when he hoped Nike would be restored to full strength he said: “I think the demand is there so it will come.” Nike has delayed investor meetings to give new boss Elliott Hill more time to turn things around.
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