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JD Sports keeps profit outlook in 'volatile' market
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JD Sports keeps profit outlook in 'volatile' market
May 30, 2024 11:47 PM

LONDON, May 31 (Reuters) - British sportswear retailer

JD Sports Fashion on Friday reiterated its 2024/25 profit

guidance, despite a 6.4% drop in sales in its home market in the

first quarter, weighing on the group in "volatile" trading.

The FTSE 100 group, which sells Nike ( NKE ), Adidas

, HOKA and other sports brands, said promotional

activity in the market "remained elevated" in the first quarter

across all regions.

While like-for-like sales were down 6.4% in the UK and

down 0.1% in Asia Pacific, they were up 1.6% in Europe and up

2.0% in North America. As a group underlying sales were down

0.7%.

Nike ( NKE ), JD Sport's biggest brand, warned in March of lower

sales in its first half as it battles newer competitors.

JD Sports maintained 2024/25 guidance for profit before

tax and adjusting items of 955 million pounds to 1.035 billion

pounds ($1.21-$1.32 billion).

It made 917.2 million pounds in its year to Feb. 3 2024

- in line with guidance, downgraded in a January warning, but

down from the 991.4 million pounds made in 2022/23.

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