October 6, 2022

UK’s JD Sports wary of inflation, reaffirms annual outlook

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JD Sports logo is seen on the exterior of a store in London, Britain, November 17, 2021. REUTERS/May James/File Photo

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Sept 22 (Reuters) – JD Sports (JD.L) on Thursday warned it would remain cautious about trading through the rest of the fiscal year as sky-high inflation crimps consumer spending, although the UK’s biggest sportswear retailer reaffirmed its annual profit outlook.

The company’s comments compound concerns about Britain’s cost-of-living crisis, after rival fashion retailers Primark (ABF.L) and ASOS (ASOS.L) and online supermarket Ocado Retail (OCDO.L) all warned about their profits this month. read more

“Given the widespread macroeconomic uncertainty, inflationary pressures and the potential for further disruption to the supply chain with industrial action a continuing risk in many markets, it is inevitable that we remain cautious about trading through the remainder of the second half,” JD Sports said in a statement.

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Its sales in the UK, principally online, initially softened in August and early September as customers were slow to take up heavier autumn products while the weather remained relatively warm.

The FTSE 100 (.FTSE) company also said pretax profit fell to 298.3 million pounds ($335.3 million) for the six months ended July 30, compared with 364.6 million pounds a year earlier.

($1 = 0.8897 pounds)

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Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Devika Syamnath

Our Standards: The Thomson Reuters Trust Principles.



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