JD Sports has announced that its full-year profit is expected to hit the lower end of forecasts due to a dip in consumer demand impacting sales. The sportswear retailer, headquartered in Greater Manchester and listed on the FTSE 100, had initially projected a pre-tax profit range of £995 million to £1.035 billion.
However, it now anticipates results will be at the bottom of this spectrum. In a recent London Stock Exchange update, JD Sports highlighted that consumer spending has become more conservative over the past few months, as reported by . The company's third-quarter report also showed a 2.
4% decline in like-for-like sales within the UK for the 13 weeks leading up to 2 November, with an overall decrease in sales by 0.3%. According to JD Sports, a mix of "elevated promotional activity, unseasonable weather and a cautious consumer" has led to weaker sales figures, particularly noting a significant slump in October, Despite a 1.
1% fall in UK revenue year-to-date, the company's total revenue has risen by 6.1%. JD Sports has maintained its expansion strategy, opening 79 new stores during this period, and reported that physical store performance has surpassed online sales.
By the end of the period, the total number of JD Sports stores reached 4,541, marking an increase of 1,224 since the beginning of the year, which includes the 1,179 stores acquired through the Hibbett deal. Earlier this year, JD Sports announced it would be acquiring Hibbett, a 'fashion inspired' retail co.
