JD Sports shares plunge over 10% after profit warning

Published Aug 20, 06:17 AM UTC

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JD Sports, the FTSE 100 sports and fashion retailer known as the 'King of Trainers', slashed its pre-tax profit target to between £700m and £800m, down from an upper limit of £850m, sending its share price down more than 10% to 83p. The profit warning comes as CEO Régis Schultz's growth plan loses momentum, with US sales plunging 6.8% due to weak consumer sentiment and cost-of-living pressures, while intense discounting by rivals further drags on profits. UK sales improved slightly by 0.8% thanks to demand for replica football kits and outdoor gear. The company also faced a boardroom tussle that led to chair Andy Higginson quitting in April, replaced by former Ikea CEO Peter Agnefjall. JD Sports shares have lost about 30% of their value since Schultz took charge in 2022.

Source

City AMWestern

Original headline: JD Sports shares crater after ‘King of Trainers’ warns on profit

Original language: EN-GB