2024 has seen a rollercoaster ride for the ( ) share price. I hold the sportswear and trainer retailer in my self-invested personal pension (SIPP) and I’m feeling dizzy, especially today. I bought JD Sports on 21 January, as the shares plunged after a poor Christmas trading period triggered a profit warning.
The growth stock had outpaced the FTSE 100 for years, and I thought this was my opportunity to get in . Since then I’ve been up and down, up and down, but recent weeks have felt like . This FTSE 100 stock has given me a bumpy ride The first major dip came after the Budget hiked employers’ National Insurance rates and the minimum wage.
JD Sports chairman Andrew Higginson has been vocal about the damage this will do to profits. The second dip came today (21 November) with the shares down 16.2% as I write, after the board warned full-year 2024 profits would be at the lower end of its forecast range following a October.
Bigger discounts, milder weather and consumer caution ahead of the US election hit sales. There was some respite in Europe, with sales rising 3.5% in the 13 weeks to 2 November.
But sales fell 2.4% in the UK, 1.5% in the Americas and 3.
8% in Asia Pacific. It’s not a good look. Q3 like-for-like sales were down just 0.
3% overall, while organic group revenue actually climbed by 5.4%. JD Sports is still on course to make annual pre-tax profit of between £995m and £1.
035bn, before adjusting items. Did US consumers really stop buying trainers because there.