Sportswear retailer JD Sports Fashion lowered its full-year profit forecast on Thursday, citing higher costs, a slowdown in consumer spending and subdued demand for apparel amid milder weather conditions.
Retailers in the UK have experienced tepid growth as the ongoing cost-of-living squeeze prompts shoppers to rein in spending on non-essential items.
The company, which sells Nike, Adidas and other sports fashion ranges, now expects profit before tax and adjusted items to be between £915 million and £935 million (€1.06 billion and €1.08 billion) and for the year ending February 3rd.
It had earlier expected profit to be in line with market expectations of £1.04 billion.
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JD Sports said its like-for-like organic revenue increased 1.8 per cent, slightly less than expected, for the 22 weeks ended December 30th.
The London-listed firm expects full-year organic revenue growth of about 8 per cent. - Reuters
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