JD Sports shares plummet as 'challenging market' puts a dent in profits By Angharad Carrick Updated: 04:34 EDT, 31 May 2024 e-mail View comments JD Sports shares tumbled on Friday morning after the retailer revealed a dip in profits, despite the group boasting a ‘strong performance in a challenging market’. The sports fashion retailer's revenues ticked 2.7 per cent higher to £10.
4billion in the year to 27 January, while organic like-for-like sales grew 3.8 per cent. JD Sports said it had been helped by the disposal of five brands - Tessuti, Scotts, Choice, Giulio and Cricket - all of which were sold to Frasers Group, as well as receiving a boost from the opening of over 200 new stores.
Challenging market: JD Sports said its sales had been resilient despite headwinds Shares in JD Sports were down 10.3 per cent to 120p on Friday morning. Over the same period, JD also announced the proposed acquisitions of French brand Courir and American retailer Hibbett.
However, its UK business took a hit from the disposals and was the only region not to grow revenue over the year, with sales down 8.3 per cent to £3.51billion.
Footwear continued to perform strongly with sales growth of 8.2 per cent to £5.92billion, which helped to offset a fall in demand for autumn and winter apparel amid the milder weather.
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