JD Sports said it is “cautious” about trading over the rest of the year due to pressure on consumer finances and the risk of rising unemployment.
It came as the sportswear retailer revealed a 2.5 per cent drop in like-for-like sales over the six months to August 2nd, compared with the same period a year earlier.
However, it added that organic sales were up 2.6 per cent year-on-year.
JD said it saw a particular drop in the UK and Europe over the last three months when it was affected by tough comparisons with the same quarter last year, which had benefited from the Euro 2024 football tournament.
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“We are making strong progress in developing our omnichannel customer proposition, store footprint and supply chain, and we are controlling our costs and cash effectively,” said Regis Schultz, chief executive of JD Sports.
“I am proud of all our teams across the globe for their energy and focus against tough trading conditions.
“Across our regions and fascias, in general we see a resilient consumer, albeit very selective on their purchases.
“We therefore remain cautious on the trading environment going into the second half of the year.” - PA
