JD Sports Shares Plunge Following Profit Warning

Sportswear retailer slashes profit forecast due to milder weather and cautious consumer spending.

JD Sports shares plunged more than a fifth after it slashed its profit forecasts blaming a mild autumn and weaker Christmas spending.
The sportswear retailer now expects profits of between £915m and £935m for the year to Feb 3, down from its previous forecast of £1.04bn.
JD Sports reported like-for-like organic revenue growth of 1.8% in the 22 weeks to the end of December, which was slightly behind its expectations.
The company blamed milder weather from the second half of September and a more cautious consumer spending for the lower-than-expected sales.
JD Sports' downgrade comes weeks after one of the biggest brands stocked in its stores – Nike – was forced to cut its forecasts amid softer demand in Europe and China.