UK’s JD Sports activities cautious of inflation, reaffirms annual outlook

JD Sports activities emblem is seen on the outside of a retailer in London, Britain, November 17, 2021. REUTERS/Might James/File Picture

Sept 22 (Reuters) – JD Sports activities (JD.L) on Thursday warned it could stay cautious about buying and selling by way of the remainder of the fiscal yr as sky-high inflation crimps client spending, though the UK’s greatest sportswear retailer reaffirmed its annual revenue outlook.

The corporate’s feedback compound considerations about Britain’s cost-of-living disaster, after rival trend retailers Primark (ABF.L) and ASOS (ASOS.L) and on-line grocery store Ocado Retail (OCDO.L) all warned about their earnings this month. read more

“Given the widespread macroeconomic uncertainty, inflationary pressures and the potential for additional disruption to the availability chain with industrial motion a seamless threat in lots of markets, it’s inevitable that we stay cautious about buying and selling by way of the rest of the second half,” JD Sports activities stated in a press release.

Its gross sales within the UK, principally on-line, initially softened in August and early September as prospects have been sluggish to take up heavier autumn merchandise whereas the climate remained comparatively heat.

The FTSE 100 (.FTSE) firm additionally stated pretax revenue fell to 298.3 million kilos ($335.3 million) for the six months ended July 30, in contrast with 364.6 million kilos a yr earlier.

($1 = 0.8897 kilos)

Reporting by Aby Jose Koilparambil in Bengaluru; Modifying by Devika Syamnath

Our Requirements: The Thomson Reuters Trust Principles.