UK JD Sports is wary of inflation, reaffirming its annual outlook

A JD Sports logo is seen on the exterior of a store in London, Britain, November 17, 2021. REUTERS/May James/File photo

Sept 22 (Reuters) – JD Sports ( JD.L ) on Thursday backed its annual profit outlook, but warned it was cautious about business for the rest of the fiscal year as sky-high inflation dampens consumer spending.

The company’s opinion polls concern Britain’s cost-of-living crisis after rival fashion retailers Primark ( ABF.L ) and ASOS ( ASOS.L ) and online supermarket retailer Ocado ( OCDO.L ) warned against profits this month. Read more

“With continued concerns in many markets about widespread macroeconomic uncertainty, inflationary pressures and the potential for further supply chain disruptions related to industrial action, we will inevitably remain cautious in the remainder of second-half trading,” JD Sports said. In the statement.

Sales in the UK were relatively warm in August and early September when customers were slow to pick up heavy autumn products.

The FTSE 100 (.FTSE) company also said pretax profit for the six months ended July 30 fell to 298.3 million pounds ($335.3 million), compared with 364.6 million pounds a year earlier.

($1 = 0.8897 pounds)

Reported by Abi Jose Koilparambil in Bengaluru; Editing by Devika Syamnath

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