Key facts
- JD Sports has cut its profit forecast due to slowing sales.
- The company's US sales performance has been impacted.
- Rival discounting has also affected JD Sports's profitability.
- The retailer's pre-tax profit target was reduced to a range of £700m to £800m.
- This is a decrease from the previously projected £750m to £850m.
JD Sports has lowered its profit outlook, citing a slowdown in sales, particularly in the US, and increased discounting from competitors. The company announced on Thursday that it has slashed its pre-tax profit target to a range of £700 million to £800 million, down from its previous forecast of £750 million to £850 million. This adjustment comes as chief executive Régis Shultz works to regain investor confidence amidst a sluggish period for the group's share price and a lack of concrete results from his turnaround plan. While sales performance improved in the UK, the challenges in the US market and competitive pricing pressures are impacting the firm's overall profitability.