Shares in High Street retailer JD Sports suffered some nasty scuff marks after a disappointing trading update from US footwear giant Nike. In an update late on Thursday Nike said that demand for its sports shoes was weakening in international markets, noting that consumers were being tempted by newer brands. Nike shares fell nearly 20 per cent in New York.
In its full-year results at the end of May, FTSE 100-listed JD Sports stressed its markets were both volatile and challenging as it reported a drop in profits. The sports fashion firm issued a shock profit warning at the start of the year which in one day chopped over 20 per cent from its market value. JD Sports' performance has stabilised since then – until the latest drop – but overall the stock still featured as the third biggest blue-chip faller in the first half of this year, down 27 per cent.
Scuff marks: The self-styled King of Trainers took a kicking, losing 5.4 per cent, or 6.85p, to 119.
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Jon Hopkins.