The British retail group JD Sports Fashion Plc has again revised downwards its earnings target for the current 2024/25 financial year.
The group said on Tuesday that it now expects a pre-tax profit adjusted for special effects in the range of 915 to 935 million British pounds (1.09 to 1.11 billion euros). It had previously expected a result “at the lower end” of the original forecast range of 955 million to 1.035 billion British pounds.
The decisive factor was the business development in the past few weeks. “Although I am satisfied with our performance overall, the headwind in the market was stronger than expected,” admitted CEO Régis Schultz in a statement.
According to preliminary figures, sales increased organically by 3.4 percent in the nine weeks to January 4th. However, like-for-like sales fell by a total of 1.5 percent in November and December due to the “difficult and uncertain” market situation, the company said.
CEO Schultz warned that the adverse conditions are likely to continue. The retailer is therefore taking a “cautious approach” into the coming financial year.