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.