Jan 4, 2024

JD Sports shares plunge 20% after profit warning

Shares in JD Sports have plummeted by more than 20% after the sportswear seller issued an unexpected profit warning. JD Sports said there were more promotions than it expected, but did not specifically state whether the impact on its margins was as a result of discounts in its own stores, or through rivals cutting prices to take business away. JD Sports is one of the UK's biggest sportswear retailers and a FTSE 100 company. Mr Mould said JD Sports was not alone in slashing prices to attract sales, adding that others including Zara's owner Inditex, H&M and Asos had announced similar moves. While JD struggled, its High Street neighbour Next enjoyed cheerier Christmas sales and raised its profit prediction to £960m. Mr Mould suggested Next stocking items such as coats and jumpers could explain why the retailer fared better, adding that it was "Better positioned to capture the 'essentials' trade".

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