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PRIVACY
Retail & Consumer

JD Sports blames 'strained' consumer finances for fall in sales and profits

Group was also impacted by a number of store closures

JD Sports is based in Bury(Image: Jonathan Brady/PA Wire)

JD Sports has disclosed weaker like-for-like sales and profits during the past six months amid "strained consumer finances".

The decline was partially attributed to reduced sales in the º£½ÇÊÓÆµ, where the retailer was also affected by several store closures, leaving it with 13 fewer º£½ÇÊÓÆµ outlets by August.

JD Sports chief executive Regis Schultz informed investors on Wednesday that he remains "cautious" regarding trading prospects for the second half of the financial year.

The announcement coincided with the company reporting that group like-for-like sales fell by 2.5% to £5.94 billion during the 26 weeks to 2 August.

However, organic sales rose by 2.7% and total sales increased by 18% following acquisitions of the Hibbert and Courir brands.

The retailer revealed that like-for-like sales declined by 3.8% in its crucial North America division and dropped 3.3% in the º£½ÇÊÓÆµ.

JD Sports attributed its weaker º£½ÇÊÓÆµ performance to being "affected by tough prior-year comparatives due to the Euro 2024 football tournament". The company noted this particularly impacted replica football shirt sales during the period.

JD Sports also disclosed that adjusted pre-tax profits fell by 13.5% to £351 million over the half-year.