The fashion retailer JD Sports has reassured investors that it is on track to meet full-year targets despite its key supplier Nike reporting another big slowdown in sales.
JD Sports, the self-proclaimed “king of trainers”, said its annual profit guidance range of £955 million to £1.04 billion remained unchanged but warned of a £20 million hit from the strengthening pound.
Sales in the six months to the end of July rose 5.2 per cent to £5.05 billion. Operating profit increased by 6.7 per cent to a better-than-expected £451.1 million, up from £422.7 million over the same period last year. City analysts had forecast a profit of £419 million.
At the statutory pre-tax level, profits fell 64.3 per cent to £126.3 million, down from £353.7 million,