JD Sports has lowered its full-year profit guidance after revenue growth was hit by “milder weather”, “cautious” consumer spending and a peak trading season “softer” than anticipated.
The sportswear retailer said both constant-currency organic revenue growth and like-for-like growth for the 22 weeks to December 30, 2023, were “slightly behind expectations” at 6% and 1.8% respectively.
JD Sports attributed the slow sales across its apparel ranges to “milder weather” from the second half of September.
The retailer said Christmas trading had also been more promotional than expected, reflecting “cautious consumer spending” from shoppers.
Profit before tax for the full year to February 2024 is now expected to be between £915m and £935m, down from the previously pledged guidance of £1.04bn.
JD Sports chief executive Régis Schultz said: “We have made good progress against our five-year strategic plan, delivering global organic revenue growth of 6% in the period against very tough comparisons with last year, and opening over 200 new JD stores in the year.
“Our key markets have seen increased promotional activity during the peak trading season, driven by a more cautious consumer, but we continue to grow market share.
“We are confident in our strategy and we continue to invest in our supply chain, systems and stores, supported by our strong cash generation and healthy balance sheet.”